HDFC Bank names Anup Bagchi as next MD & CEO from October 27

Bagchi's appointment and start date

HDFC Bank said on October 1 that the Reserve Bank of India has approved Anup Bagchi as its next managing director and chief executive officer for a three-year term beginning October 27, 2026. The bank said the appointment is subject to shareholder approval under the Companies Act, 2013, and that Bagchi will join the board as an additional director from October 2 in the interim. Sashidhar Jagdishan's current tenure as MD and CEO ends on October 26, and he has decided not to seek reappointment.

Regulator and board approvals

The HDFC Bank board approved Bagchi's appointment as an additional director with effect from October 2, to continue until shareholders clear the appointment under the Companies Act. The board separately approved his elevation to MD and CEO for three years from October 27, again conditional on shareholder approval. The RBI's clearance was disclosed by the bank in a stock exchange filing on October 1.

Career at the ICICI Group

Bagchi, 55, has been associated with the ICICI Group since 1992, spanning retail, corporate and investment banking, treasury, and other financial services businesses. He served as executive director of ICICI Bank from 2017 to 2023, handling retail, business and rural banking before moving to wholesale banking, and also chaired ICICI Prudential Asset Management Company until May 2023. He holds a management degree from the Indian Institute of Management, Bangalore, and an engineering degree from the Indian Institute of Technology, Kanpur.

Most recent role at ICICI Prudential Life

Since June 2023, Bagchi has been managing director and CEO of ICICI Prudential Life Insurance, his most recent assignment before returning to mainstream banking. Under his leadership, the insurer crossed Rs 10,000 crore in Annualised Premium Equivalent (APE) for the first time in FY2025, with APE rising 15% year-on-year to Rs 10,407 crore and profit after tax up nearly 40% to Rs 1,189 crore. His move marks a return to a banking-led seat after a three-year stint running the listed life insurer.

What remains unconfirmed next

The next verifiable milestone is shareholder clearance of Bagchi's appointment as MD and CEO under the Companies Act, 2013, ahead of the October 27 effective date. The bank has not announced further details on the shareholder vote timetable in the disclosures covered on October 1.