HDFC Bank names Anup Bagchi as MD and CEO with RBI approval for a three-year term starting October 27, 2026

Key facts

• Anup Bagchi has been appointed Managing Director and Chief Executive Officer of HDFC Bank for a three-year term effective October 27, 2026, after receiving Reserve Bank of India (RBI) approval.
• Bagchi succeeds Sashidhar Jagdishan, whose term ends on October 26, 2026; Jagdishan announced his retirement in August 2026 and did not seek reappointment.
• HDFC Bank had recommended two candidates, Deputy Managing Director Kaizad Bharucha and Anup Bagchi, to the RBI as required under India's banking rules.
• Bagchi has been MD and CEO of ICICI Prudential Life Insurance since June 2023; under his leadership the insurer crossed Rs 10,000 crore in Annualised Premium Equivalent for the first time in FY2025, with APE growing 15% year-on-year to Rs 10,407 crore and profit after tax rising nearly 40% to Rs 1,189 crore.
• A member of the ICICI Group since 1992, Bagchi served as CEO and MD of ICICI Securities and as Executive Director of ICICI Bank from 2017 to 2023, overseeing Retail, Business and Rural Banking and later Wholesale Banking.
• Bagchi holds a management degree from Indian Institute of Management, Bangalore and an engineering degree from Indian Institute of Technology, Kanpur, and has over three decades of experience across banking, capital markets, wealth management and insurance.