Anup Bagchi Appointed HDFC Bank MD & CEO For 3-Year Term, To Take Charge On October 27

Anup Bagchi has been appointed Managing Director and Chief Executive Officer of HDFC Bank for a three-year term, effective October 27, 2026, following approval from the Reserve Bank of India (RBI).

Bagchi will succeed Sashidhar Jagdishan, whose term as HDFC Bank’s MD and CEO ends on October 26. Jagdishan announced his retirement in August and did not seek reappointment.

Under India’s banking regulations, lenders are required to recommend at least two candidates for the CEO position to the RBI. HDFC Bank had submitted the names of Deputy Managing Director Kaizad Bharucha and Bagchi for consideration, Reuters reported last month.

Who Is Anup Bagchi?

Bagchi is a veteran financial services executive with more than three decades of experience spanning banking, capital markets, wealth management and insurance.

A member of the ICICI Group since 1992, Bagchi has held several senior leadership positions, including Managing Director and CEO of ICICI Securities and Executive Director of ICICI Bank. He currently serves as Managing Director and CEO of ICICI Prudential Life Insurance.

“Since June 2023, Mr. Bagchi has been serving as MD & CEO of ICICI Prudential Life Insurance, leading one of India’s largest private life insurers, which is publicly listed,” HDFC Bank said in a statement.

The bank said that under Bagchi’s leadership, ICICI Prudential Life crossed ₹10,000 crore in Annualised Premium Equivalent (APE) for the first time in FY2025. APE grew 15% year-on-year to ₹10,407 crore, while profit after tax increased by nearly 40% to ₹1,189 crore.

Bagchi’s Education And Banking Career

According to HDFC Bank, Bagchi holds a management degree from the Indian Institute of Management Bangalore and an engineering degree from the Indian Institute of Technology Kanpur.

He served as Executive Director of ICICI Bank from 2017 to 2023, where he oversaw Retail, Business and Rural Banking before taking charge of Wholesale Banking.

HDFC Bank said Bagchi played a key role during his tenure in strengthening ICICI Bank’s retail franchise and driving profitable growth while maintaining credit and cost discipline.

Bagchi will take charge of HDFC Bank on October 27, succeeding Jagdishan at one of India’s largest private-sector lenders.