RBI approves three-year tenure beginning October 27; Bagchi will succeed Sashidhar Jagdishan, who opted not to seek reappointment.
Mumbai, October 2026 : HDFC Bank has appointed Anup Bagchi as its next Managing Director and Chief Executive Officer (MD and CEO) after receiving approval from the Reserve Bank of India (RBI), marking a significant leadership transition at India’s largest private sector lender.
According to a stock exchange filing on Thursday, Bagchi, currently the MD and CEO of ICICI Prudential Life Insurance, will assume charge on October 27, 2026, a day after the tenure of incumbent MD and CEO Sashidhar Jagdishan ends on October 26. Jagdishan had decided not to seek reappointment for another term.
The bank’s board approved Bagchi’s appointment at a meeting held on October 1, following a recommendation from its Governance, Nomination and Remuneration Committee.
As part of the appointment process, Bagchi will join the bank as an Additional Director with effect from October 2, 2026, until shareholders approve his appointment in accordance with the Companies Act, 2013.
The board also approved his appointment as MD and CEO for a period of three years, beginning October 27, subject to shareholders’ approval. The terms and conditions, including remuneration, have received RBI approval.
In its regulatory filing, HDFC Bank said the appointments had been made in accordance with applicable provisions of the Companies Act, 2013. The RBI’s approval covers the leadership appointment and remuneration under Section 35B of the Banking Regulation Act, 1949.
The appointment follows a selection process in which HDFC Bank had submitted two names to the RBI for consideration for the top position. Besides Bagchi, the bank’s Deputy Managing Director, Kaizad Bharucha, was also among the candidates considered for the role.
Bagchi’s elevation comes at a time when leadership changes are taking place across India’s banking sector. Earlier on Thursday, Kotak Mahindra Bank announced the appointment of Anup Kumar Saha as its new MD and CEO.
The transition at HDFC Bank will bring a new leadership phase for the lender, which has a significant presence across retail banking, corporate banking, lending and financial services.
Bagchi’s experience in financial services, including his current leadership role at ICICI Prudential Life Insurance, will form part of the background to his new assignment at HDFC Bank.
Meanwhile, HDFC Bank shares closed 1.76 per cent higher at Rs 721.20 on the National Stock Exchange (NSE) ahead of the announcement. The stock’s movement preceded the formal disclosure of the leadership change.
With the RBI’s approval secured, the appointment process will now proceed to the shareholder approval stage, while Bagchi is scheduled to take over the bank’s leadership on October 27.
