Anup Bagchi Appointed HDFC Bank MD and CEO from October 27, 2026

The HDFC Bank Board has chosen Anup Bagchi as the MD and CEO for a term of three years, effective from October 27, 2026, following the approval of the Reserve Bank of India (RBI). This is a significant change in leadership of one of the most important private sector banks of India. He will take the charge as the replacement of the current MD and CEO, Sashidhar Jagdishan whose term will expire on October 26, 2026. His appointment will be subject to shareholders’ approval.

Appointment of Anup Bagchi as MD and CEO

The RBI has sanctioned Bagchi’s appointment as the MD and CEO of HDFC Bank and the emoluments that would be paid to him as per section 35B of the Banking Regulation Act, 1949.

After getting the above-mentioned regulatory approval, HDFC Bank’s Board had approved his appointment for a term of three years from October 27, 2026.

Additionally, HDFC Bank Board had appointed Bagchi as Additional Director from October 2, 2026.

His term as the MD and CEO would end on October 26, 2029, subject to relevant approvals.

Completion of Tenure for Sashidhar Jagdishan

Anup Bagchi will take over after the tenure of Sashidhar Jagdishan is completed as the MD and CEO of HDFC Bank.

Sashidhar Jagdishan is expected to retire at the end of his tenure as the MD and CEO of HDFC Bank by October 26, 2026, and Anup Bagchi will take charge of the post after the next day.

This is happening while HDFC Bank continues to be among the biggest private banking entities in India.

Who is Anup Bagchi?

Anup Bagchi is a financial service executive who has over 30 years of experience in banking, capital markets, wealth management, and insurance.

Bagchi has been working for the ICICI Group since 1992 and has occupied various top leadership roles in different entities within the group.

At present, he works as the MD & CEO of ICICI Prudential Life Insurance, a designation he holds since June 2023.

Anup Bagchi’s Career at ICICI Group

Bagchi has occupied various high-ranking positions in the ICICI Group.

He has been Executive Director of ICICI Bank since 2017 until 2023. In his career, he has worked as Managing Director and CEO of ICICI Securities.

Exposure to different aspects of banking and financial sector have included capital markets, wealth management and insurance.

His association with the ICICI Group is now of three decades old.

Educational Qualifications of Anup Bagchi

Bagchi graduated in engineering from the Indian Institute of Technology Kanpur (IIT Kanpur).

Also holds an MBA degree from the Indian Institute of Management Bangalore (IIM Bangalore).

He is an engineer and an MBA, having worked subsequently in the areas of banking, capital markets, wealth management, and insurance.

Role of RBI in Appointment of Bank CEO

It underscores the regulatory role of the Reserve Bank of India in the appointment of the senior management of banking companies.

The appointment of managing directors and whole-time directors and their remuneration in banking companies are regulated under the Banking Regulation Act, 1949.

In particular, Section 35B pertains to the appointment of managing directors, whole-time directors, and managers of banking companies and their remuneration.