HDFC Bank appoints Anup Bagchi as MD and CEO

By Divya Shah

HDFC Bank has appointed Anup Bagchi as its next Managing Director and Chief Executive Officer for a three-year term, effective October 27, 2026. 

The appointment and remuneration received approval from the Reserve Bank of India (RBI) on October 1, 2026. Bagchi will succeed Sashidhar Jagdishan, whose tenure as Managing Director and CEO is scheduled to conclude at the close of business on October 26, 2026. 

The bank’s board also approved Bagchi’s appointment as an Additional Director with effect from October 2, following a recommendation from its Governance, Nomination and Remuneration Committee during a meeting held on October 1. 

Bagchi joined HDFC Bank from ICICI Prudential Life Insurance, where he had served as Managing Director and Chief Executive Officer since June 2023. A veteran of the ICICI Group, he joined the organisation in 1992 and held leadership positions across treasury, retail banking, wholesale banking, investment banking and digital financial services. 

Between 2017 and 2023, he served as Executive Director at ICICI Bank, overseeing retail, business and rural banking operations. Prior to that, he held the position of Managing Director and Chief Executive Officer at ICICI Securities. 

His previous board responsibilities included serving as Chairman of ICICI Prudential Asset Management Company until May 2023, as well as Director at ICICI Prudential Pension Fund Management Company and ICICI Home Finance. 

Bagchi holds an engineering degree from the Indian Institute of Technology (IIT) Kanpur and a management degree from the Indian Institute of Management (IIM) Bangalore.