Anup Bagchi takes charge as HDFC Bank MD and CEO after Jagdishan’s tenure ends

Bagchi assumes HDFC Bank’s top executive role

HDFC Bank said Anup Bagchi assumed charge as managing director and chief executive officer on October 27, 2026, after Sashidhar Jagdishan vacated the office at the close of business on October 26 because his tenure had ended. The bank thanked Jagdishan for his contribution and credited him with helping complete one of corporate India’s largest mergers.

Bagchi joins India’s largest private-sector lender after serving as MD and CEO of ICICI Prudential Life Insurance. He is the first person from outside the bank to lead HDFC Bank in its more than three-decade history.

Three-year appointment remains subject to shareholder approval

The Reserve Bank of India approved Bagchi’s appointment for a three-year term beginning October 27, and HDFC Bank’s board subsequently approved the appointment. His tenure is scheduled to run through October 26, 2029, subject to shareholder approval.

Bagchi’s background includes more than three decades across banking, capital markets, wealth management and insurance. He joined the ICICI Group in 1992 and previously held senior roles at ICICI Bank, ICICI Securities and ICICI Prudential Life Insurance.

Merger integration remains unfinished

During an earnings call attended by Bagchi, the incoming chief executive said some work associated with HDFC Bank’s July 2023 merger with housing finance parent HDFC remained to be executed. He also said he would meet stakeholders to better understand the bank and its business.

Bagchi praised the existing leadership team, but his comments did not resolve whether he would retain or replace members of the senior team.

Senior-management changes accompany the transition

Deputy Managing Director Kaizad Bharucha, an HDFC Bank veteran who joined the lender in 1995 and became deputy MD in 2023, has said he intends to retire by December 2026. Puneet Sharma is scheduled to become chief financial officer on December 1, succeeding Srinivasa Vaidyanathan.

Jagdishan had been MD and CEO since October 2020 and oversaw the HDFC merger. Jagdishan had said he would not seek an extension amid governance concerns. Separately, the bank’s internal review found shortcomings in high-value deposit practices, and non-executive Chairman Atanu Chakraborty resigned in March 2026.

Growth and governance challenges await the new chief executive

Bagchi’s appointment comes as HDFC Bank faces pressure on core income growth and margins and continuing investor concern about governance. In the second quarter of FY27, the bank reported net profit of ₹19,610 crore, up 5.2% year on year but below analyst estimates. Net interest income increased 9.7% to ₹34,619 crore, also below the reported estimate, while net interest margin stood at 3.16%.

The bank also said an internal review of a possible leak of confidential information was underway and that appropriate action would be determined after the review was completed. A final regulatory or board finding had not been disclosed in the reviewed reporting as of October 27.

Follow-up on Bagchi’s first months

Upcoming items to watch include the scheduled finance-leadership handover on December 1, Bharucha’s planned retirement at the end of December, and the pending shareholder approval of Bagchi’s three-year term.