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HDFC Bank Names Anup Bagchi as New MD & CEO Effective October 27, 2026

HDFC Bank has appointed Anup Bagchi as its Managing Director and CEO, with his term beginning on October 27, 2026. The appointment follows approval by the Reserve Bank of India and succeeds the outgoing MD & CEO Sashidhar Jagdishan.

Timeline

  1. 2026-09-30: Announcement of Anup Bagchi’s appointment as MD & CEO of HDFC Bank
  2. 2026-10-26: End of Sashidhar Jagdishan’s term as MD & CEO
  3. 2026-10-27: Anup Bagchi to officially take charge as MD & CEO of HDFC Bank
  4. 2023-06: Anup Bagchi becomes MD & CEO of ICICI Prudential Life Insurance
  5. 2017-2023: Bagchi serves as Executive Director at ICICI Bank, overseeing key business segments

HDFC Bank announced the appointment of Anup Bagchi as its new Managing Director and Chief Executive Officer (MD & CEO), effective October 27, 2026. This leadership change follows the completion of the current MD & CEO Sashidhar Jagdishan's term on October 26, 2026. The Reserve Bank of India (RBI) has approved Bagchi’s three-year term, marking a significant transition for one of India’s largest private sector banks. This change was publicly confirmed at the end of September 2026. [1][2][3] [1][2][3]

Anup Bagchi, aged 56, brings over 30 years of banking and financial services experience to his new role. Prior to joining HDFC Bank, he served as the MD & CEO of ICICI Prudential Life Insurance from June 2023. Under his leadership there, the firm achieved a 15% year-on-year increase in Annualised Premium Equivalent (APE), reaching ₹10,407 crore in fiscal year 2025, alongside nearly a 40% surge in profit after tax to ₹1,189 crore. [1][2] [1][2]

Before his tenure at ICICI Prudential Life Insurance, Bagchi was Executive Director at ICICI Bank from 2017 until 2023. His responsibilities included oversight of retail, business, and rural banking segments initially, later transitioning to managing wholesale banking. Additionally, Bagchi has previously held leadership roles including CEO and MD of ICICI Securities, as well as positions at ICICI Prudential Asset Management Company and ICICI Home Finance, demonstrating broad expertise across financial sectors. [1][2][3] [1][2][3]

The leadership transition at HDFC Bank was prompted by Sashidhar Jagdishan’s decision not to seek reappointment after his current term ends on October 26. Bagchi’s appointment signals the bank’s intent to leverage his extensive experience and proven leadership in banking and financial services to guide HDFC Bank through its next phase of growth and innovation in a competitive market environment. [1][3] [1][3]

Sources

  1. HDFC Bank appoints Anup Bagchi as MD and CEO for three years after RBI nod | People - Business Standard
  2. Meet Anup Bagchi, HDFC Bank's new MD & CEO - ICICI veteran to take charge from October 27 | Company Business News
  3. HDFC Bank names ICICI veteran Anup Bagchi as MD & CEO - The Economic Times

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