HDFC Bank Appoints Anup Bagchi as CEO
The RBI-approved appointment gives the ICICI Prudential Life Insurance chief a three-year term, beginning October 27, 2026.
HDFC Bank has appointed Anup Bagchi as its next managing director and chief executive officer for a three-year term, following approval from the Reserve Bank of India (RBI). Bagchi will take charge on October 27, 2026, becoming the first external candidate to lead the country's largest private-sector lender.
Bagchi will succeed Sashidhar Jagdishan, whose current term ends on October 26. Jagdishan decided in August not to seek reappointment, prompting the bank to accelerate its leadership succession process.
APPOINTMENT DETAILS
Bagchi's three-year term will run from October 27, 2026, to October 26, 2029, subject to shareholder approval.
Bagchi is currently the managing director and CEO of ICICI Prudential Life Insurance, a position he has held since June 2023. He has been associated with the ICICI Group since 1992 and has held senior roles across banking, capital markets, wealth management and insurance.
His previous positions include executive director at ICICI Bank and managing director and CEO of ICICI Securities. At ICICI Bank, he oversaw retail, business and rural banking operations.
LEADERSHIP TRANSITION
HDFC Bank considered both an internal candidate, Deputy Managing Director Kaizad Bharucha, and Bagchi before submitting names to the RBI for approval.
The appointment comes as HDFC Bank navigates leadership changes and investor concerns over governance and business performance. Chairman Atanu Chakraborty resigned in March, citing differences between certain bank practices and his personal values and ethics. An independent legal review later found no evidence to substantiate his governance-related concerns, Reuters reported.
The bank also faces the task of strengthening deposit growth and profitability. Its net profit increased 5% year-on-year in the first quarter of FY2027, while its net interest margin stood at 3.26%, according to Reuters.