- HDFC Bank appointed Anup Bagchi as MD, CEO effective 2026.
- Bagchi currently serves as ICICI Prudential Life Insurance’s MD, CEO.
- Bagchi succeeds Jagdishan; appointment awaits shareholder, RBI approvals.
HDFC Bank on Thursday appointed ICICI veteran Anup Bagchi as its Managing Director (MD) and Chief Executive Officer (CEO), with his appointment taking effect from October 27, 2026, according to an exchange filing.
Bagchi will serve as the bank’s MD and CEO for a three-year term.
The bank’s board, based on the recommendation of its Governance, Nomination and Remuneration Committee, approved his appointment as an Additional Director with effect from October 2, 2026.
“The Board of Directors of the Bank, based on the recommendation of the Governance, Nomination and Remuneration Committee, at its meeting held on October 1, 2026, approved the appointment of Bagchi as an Additional Director of the Bank with effect from October 2, 2026,” HDFC Bank said in the filing.
The board also approved his appointment as MD and CEO for three years from October 27, subject to approval from shareholders under the Companies Act, 2013.
The appointment and remuneration will be subject to the terms and conditions approved by the Reserve Bank of India (RBI).
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Who Is Anup Bagchi?
Bagchi is an experienced banking and financial services executive and currently serves as Managing Director and CEO of ICICI Prudential Life Insurance Company.
During his tenure, the company crossed the ₹10,000 crore mark in Annualised Premium Equivalent (APE) for the first time in FY2025. APE rose 15% year-on-year to ₹10,407 crore, while profit after tax increased nearly 40% to ₹1,189 crore.
Bagchi has held several senior positions across the ICICI Group, including at ICICI Bank and ICICI Securities.
Before joining ICICI Prudential Life Insurance, he was on the board of ICICI Bank and worked across multiple areas of the bank. His experience covers retail banking, micro, small and medium enterprises (MSMEs), corporate banking and treasury.
He has also worked in credit policy and data analytics, giving him experience across business and operational functions within banking.
Experience Across Financial Services
Bagchi also has extensive experience in capital markets.
He has represented the ICICI Group on various regulatory committees of institutions including the RBI and the Securities and Exchange Board of India (SEBI).
His professional experience therefore spans banking, insurance, capital markets and regulatory matters across the financial services sector.
Bagchi holds a management degree from the Indian Institute of Management Bangalore (IIM Bangalore) and an engineering degree from the Indian Institute of Technology Kanpur (IIT Kanpur).
Bagchi To Succeed Sashidhar Jagdishan
Bagchi will succeed Sashidhar Jagdishan, whose tenure as HDFC Bank’s MD and CEO ends on October 26.
Under India’s banking regulations, lenders are required to recommend at least two candidates for the chief executive position to the RBI.
HDFC Bank had submitted the names of Deputy Managing Director Kaizad Bharucha and external candidate Anup Bagchi to the RBI for approval, Reuters reported last month.
Bagchi’s appointment is subject to shareholder approval as per the provisions of the Companies Act, 2013.
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Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
