Mumbai: HDFC Bank has appointed Anup Bagchi as its next managing director and CEO, with RBI approving his appointment for a three-year term from Oct 27, 2026, succeeding Sashidhar Jagdishan, whose tenure ends on Oct 26.RBI approved Bagchi’s appointment and proposed remuneration under Section 35B of the Banking Regulation Act, 1949. The bank’s board has approved his induction as an additional director from Oct 2, ahead of his taking charge as MD and CEO, subject to shareholder approval. His term will run through Oct 26, 2029.Bagchi, who has more than 30 years of experience across retail banking, capital markets, wholesale banking, treasury and insurance, has spent much of his career with the ICICI Group, which he joined in 1992. He is an alumnus of IIT Kanpur and IIM Bangalore.As executive director at ICICI Bank from 2017 to 2023, Bagchi led retail, business and rural banking before taking charge of wholesale banking. He worked on strengthening the bank’s retail book through cost and credit underwriting discipline. During his tenure, ICICI Bank became the first private lender to cross a Rs 2 lakh crore retail mortgage portfolio. He also oversaw operational continuity through the demonetisation period. He was also chairman of ICICI Prudential Asset Management Company and served on the boards of ICICI Prudential Pension Funds Management and ICICI Home Finance.Bagchi also served as CEO and MD of ICICI Securities, where he was involved in expanding digital trading, wealth management and capital-market offerings. Since June 2023, he has been MD and CEO of ICICI Prudential Life Insurance. Under his tenure, the insurer crossed Rs 10,000 crore in annualised premium equivalent for the first time in FY25, reaching Rs 10,407 crore, up 15% year-on-year. Profit after tax rose nearly 40% to Rs 1,189 crore.At HDFC Bank, Bagchi’s mandate will include expanding the loan book, managing credit-deposit dynamics in a competitive interest-rate environment and leveraging synergies from the merged HDFC franchise.The appointment follows the scheduled retirement of Jagdishan, who took over as MD and CEO from Aditya Puri in late 2020. During his tenure, HDFC Bank navigated the pandemic, expanded its digital operations and completed the merger of mortgage lender Housing Development Finance Corporation with the bank.The bank’s board, acting on the recommendations of its governance, nomination and remuneration committee, submitted its succession plan to RBI after its initial intimation in mid-Sep 2026. RBI gave its formal clearance on Oct 1.Bagchi will take charge as MD and CEO on Oct 27, 2026.
