Mumbai, October 1 (TNA) HDFC Bank has appointed Anup Bagchi as its new Managing Director and Chief Executive Officer for a three-year term beginning October 27, 2026, after receiving approval from the Reserve Bank of India (RBI).
The appointment marks a leadership transition at India’s largest private-sector bank, with incumbent MD and CEO Sashidhar Jagdishan set to complete his tenure at the close of business on October 26, 2026. Bagchi’s term will continue until October 26, 2029, subject to shareholder approval.
The RBI approved Bagchi’s appointment and remuneration under Section 35B of the Banking Regulation Act, 1949. Following the regulatory approval, the HDFC Bank board approved his appointment as MD and CEO for three years and also appointed him as an Additional Director with effect from October 2, 2026.
Bagchi is currently the Managing Director and CEO of ICICI Prudential Life Insurance. He has more than three decades of experience in banking, capital markets, wealth management and insurance, and has worked across treasury, retail banking, wholesale banking, investment banking and digital financial services.
His appointment follows a closely watched succession process at HDFC Bank after Jagdishan informed the bank’s board that he would not seek a third term as MD and CEO. Bagchi will take charge of the bank’s top executive position a day after Jagdishan completes his tenure.
The appointment of Bagchi as MD and CEO will require approval from the bank’s shareholders under the Companies Act, 2013.