HDFC Bank appoints Anup Bagchi as MD & CEO
The appointment follows a succession process that gained momentum after Sashidhar Jagdishan informed the board in August that he would step down at the end of his term.
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HDFC Bank has appointed Anup Bagchi as its new Managing Director and CEO after receiving approval from the Reserve Bank of India (RBI).
The move ends months of speculation around the bank’s leadership succession following Sashidhar Jagdishan’s decision not to seek another term.
Bagchi, who currently heads ICICI Prudential Life Insurance, will join HDFC Bank’s board as an Additional Director on October 2, 2026, and assume charge as MD & CEO on October 27. His tenure will run for three years, subject to shareholder approval.
The appointment follows a succession process that gained momentum after Jagdishan informed the board in August that he would step down at the end of his term. HDFC Bank later submitted shortlisted candidates to the RBI, which has now approved Bagchi’s appointment.
A veteran of the ICICI Group, Bagchi brings more than three decades of experience across retail and corporate banking, treasury, capital markets, lending and insurance. Before leading ICICI Prudential Life, he served in senior roles at ICICI Bank and also headed ICICI Securities.
Bagchi takes over at a crucial stage for HDFC Bank as it continues integrating the operations of HDFC Ltd following the merger. Investors have been closely monitoring the bank’s deposit growth, funding costs, margins and return ratios amid pressure on profitability. In the June quarter of FY27, the lender reported a record-low net interest margin of 3.26%.
Alongside the CEO transition, HDFC Bank is strengthening its leadership team. The bank has proposed Chief Credit Officer Jimmy Tata as a whole-time director, sought the reappointment of V Srinivasa Rangan and plans to add another whole-time director position to enhance oversight and succession planning.