HDFC Bank has appointed former ICICI Bank’s executive director (ED) Anup Bagchi as its new managing director (MD) and chief executive officer (CEO) for three years, said the company in a statement on Thursday. He will succeed Sashidhar Jagdishan and take charge from October 27 after he completes his tenure on October 26.
The development comes after the Reserve Bank of India (RBI) approved the appointment of Bagchi as HDFC Bank’s new MD and CEO.
The company also said Bagchi has also been appointed as HDFC’s Additional Director of Bank (ADB) with effect from October 2 “till the date of approval of the shareholders as per the provisions of the Companies Act, 2013”.
“In furtherance to our intimation dated September 12, 2026, we wish to inform you that pursuant to an application made by the Bank to the Reserve Bank of India (“RBI”), the RBI vide its communication dated October 1, 2026, has approved appointment of Mr. Anup Bagchi (DIN: 00105962) as the Managing Director & Chief Executive Officer (“MD & CEO”) of the Bank and the remuneration payable to him, under Section 35B of the Banking Regulation Act, 1949 for a period of 3 (three) years with effect from October 27, 2026,” the HDFC Bank’s statement read.
Who is Anup Bagchi?
55-year-old Bagchi, who has a management degree from IIM Bangalore, has been in financial services for over three decades. For a majority of his career, he was associated with the ICICI Bank and had also served as its ED from 2012 to 2023. Under him, the ICICI Bank became India’s first private sector bank to cross Rs 2 lakh crore retail mortgage portfolio.
Additionally, Bagchi, who also holds an engineering degree from IIT Kanpur, also served as the CEO and MD of ICICI Securities and ICICI Prudential Life Insurance. Furthermore, he was also the ICICI Prudential Asset Management Company’s chairperson and the director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
Bagchi will succeed Jagdishan, who took over as the CEO of HDFC Bank in October 2020. Earlier, he had conveyed his decision not to seek reappointment. “The board deeply appreciated his commitment, leadership, contribution to the growth and stability of the Bank and his role in successful completion of one of the largest mergers in corporate India,” the bank had said earlier.
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