HDFC Bank Appoints Anup Bagchi as MD & CEO, to Assume Charge on October 27

HDFC Bank has appointed Anup Bagchi as its next Managing Director and Chief Executive Officer (MD & CEO) after receiving approval from the Reserve Bank of India (RBI), the bank said in a stock exchange filing on Thursday.

Bagchi, currently the MD and CEO of ICICI Prudential Life Insurance, will take charge on October 27, 2026, a day after the tenure of incumbent MD & CEO Sashidhar Jagdishan concludes on October 26. Jagdishan had decided not to seek reappointment for another term.

The bank’s Board of Directors approved Bagchi’s appointment at a meeting held on October 1, based on the recommendation of its Governance, Nomination and Remuneration Committee.

As per the filing, Bagchi will be appointed as an Additional Director of the bank with effect from October 2, 2026, until shareholders’ approval is obtained in accordance with the Companies Act, 2013.

His appointment as MD & CEO has been approved for a period of three years, beginning October 27, 2026, on terms and conditions, including remuneration, approved by the RBI. The appointment is also subject to shareholders’ approval under the Companies Act, 2013.

The RBI has approved Bagchi’s appointment and remuneration under Section 35B of the Banking Regulation Act, 1949.

The leadership transition marks a significant change at HDFC Bank, India’s largest private sector lender. Earlier, the bank had submitted two names to the RBI for consideration for the top post: Bagchi and its Deputy Managing Director, Kaizad Bharucha.

The appointment comes amid broader changes in the senior leadership of the banking sector. Earlier on Thursday, Kotak Mahindra Bank announced the appointment of Anup Kumar Saha as its new MD and CEO.

HDFC Bank shares closed 1.76 per cent higher at Rs 721.20 on the National Stock Exchange (NSE) ahead of the announcement.