HDFC Bank names Anup Bagchi as its new MD and CEO
The development ends days of speculation over succession at India's largest private lender.
October 01, 2026 / 19:23 IST
Anup Bagchi will take charge from October 27
- Anup Bagchi named HDFC Bank's next MD and CEO.
- Bagchi to take charge on October 27, 2026.
- RBI approved Bagchi's appointment and remuneration.
HDFC Bank has announced Anup Bagchi as its next managing director and chief executive officer, following approval from the Reserve Bank of India, the bank said in a stock exchange filing on October 1.
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The development ends days of speculation over succession at India's largest private sector lender.
Bagchi will take charge on October 27, 2026, after the term of current MD and CEO Sashidhar Jagdishan ends on October 26. Jagdishan did not seek reappointment for another term.
Earlier, the lender had sent two names for the top post to the RBI: Bagchi, who is MD and CEO of ICICI Prudential Life Insurance, and Kaizad Bharucha, HDFC Bank's deputy MD.
The filing also said Bagchi has been appointed as an additional director of the bank from October 2 until his appointment is approved by shareholders.
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The RBI approved Bagchi's appointment and remuneration under Section 35B of the Banking Regulation Act, 1949, according to the filing.
"Appointment of Mr. Anup Bagchi as an Additional Director of the Bank w.e.f. October 2, 2026 till the date of approval of the shareholders as per the provisions of Companies Act, 2013," the filing said.
HDFC Bank's stock closed 1.76 percent higher at Rs 721.20 on the NSE ahead of the announcement.
Earlier on October 1, private lender Kotak Mahindra Bank appointed Anup Kumar Saha as its new MD and CEO.
Who is Anup Bagchi
Bagchi brings more than three decades of experience across banking, capital markets, wealth management and insurance, and has been with the ICICI Group since 1992.
Over that period, he has worked across treasury, retail banking, wholesale banking, investment banking and digital financial services, the bank said in a statement. His leadership roles within the group include CEO and MD of ICICI Securities, Executive Director of ICICI Bank and, currently, MD and CEO of ICICI Prudential Life Insurance. The bank credited him with "a strong track record of business building" and strategic leadership.
As Executive Director of ICICI Bank between 2017 and 2023, Bagchi oversaw retail, business and rural banking. According to the statement, he helped strengthen the bank's retail franchise and drive profitable growth while keeping credit and costs in check. During this period, ICICI Bank became the first private sector lender in India to cross Rs 2 lakh crore in its retail mortgage portfolio, and steered through demonetisation with limited disruption to its business.
Alongside his executive role, Bagchi chaired ICICI Prudential Asset Management Company until May 2023 and served on the boards of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
Since June 2023, he has led ICICI Prudential Life Insurance, one of India's largest listed private life insurers, as MD and CEO.
Moneycontrol News
first published: Oct 1, 2026 06:23 pm
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