HDFC Bank names Anup Bagchi as MD & CEO

HDFC Bank has appointed Anup Bagchi as its next Managing Director and Chief Executive Officer for a three-year term, effective 27 October 2026. The Reserve Bank of India approved Bagchi's appointment and remuneration under Section 35B of the Banking Regulation Act, 1949, the bank said in a regulatory filing on 1 October. Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, will succeed Sashidhar Jagdishan, whose term ends on 26 October. The bank's board also approved his induction as an additional director from 2 October, subject to shareholder approval.

Bagchi, an ICICI Group veteran since 1992, has over three decades of experience across retail and wholesale banking, capital markets and insurance. He served as Executive Director of ICICI Bank from 2017 to 2023 and previously led ICICI Securities. At ICICI Prudential Life, the insurer crossed Rs 10,000 crore in annualised premium equivalent for the first time in FY2025. HDFC Bank had submitted the names of Bagchi and Deputy Managing Director Kaizad Bharucha to the RBI. HDFC Bank's ADRs rose 5.5% in US trading after the announcement.

Update, 2 October 2026: The RBI approved the appointment of Anup Bagchi as HDFC Bank MD and CEO for three years from 27 October 2026, the bank said on 1 October. Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, succeeds Sashidhar Jagdishan. HDFC Bank's ADRs rose 5.5% after the announcement. The bank had submitted Bagchi and Deputy MD Kaizad Bharucha to the RBI.