HDFC Bank names Anup Bagchi as MD & CEO
HDFC Bank appoints Anup Bagchi as MD and CEO for a three-year term following RBI approval.
HDFC Bank has announced the appointment of Anup Bagchi as its new Managing Director and Chief Executive Officer (MD & CEO) for a three-year term. The decision follows official approval from the Reserve Bank of India (RBI), marking a significant leadership transition for the country's largest private sector lender.
Leadership Transition at HDFC Bank
The new leadership structure is set to take effect on October 27, 2026. This timeline ensures a smooth handover as the current MD and CEO, Sashidhar Jagdishan, is scheduled to complete his tenure at the close of business on October 26, 2026.
According to a filing with the stock exchange on Thursday, the RBI has cleared Bagchi's appointment as MD and CEO, along with the remuneration specified under Section 35B of the Banking Regulation Act, 1949. While the bank's board has already approved the three-year term, the appointment remains subject to final shareholder approval.
Bagchi’s Professional Background
Anup Bagchi brings over three decades of extensive experience in the financial services sector, spanning banking, capital markets, wealth management, and insurance. He currently serves as the Managing Director and CEO of ICICI Prudential Life Insurance, a role he has held since June 2023.
Bagchi has a long-standing association with the ICICI Group, dating back to 1992. His notable previous roles include:
- Executive Director of ICICI Bank (2017 to 2023)
- CEO and MD of ICICI Securities
An academic powerhouse, 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. Following the recent regulatory clearance, he has also been appointed as an Additional Director of the bank, effective from October 2.