Mumbai, October 2: After more than a month of uncertainty, HDFC Bank has named Anup Bagchi, a veteran from ICICI Bank Group, as its next Managing Director and CEO. The Reserve Bank of India (RBI) approved his three-year term starting October 27, 2026. He will take over from Sashidhar Jagdishan, who decided not to seek another term.
Following the central bank’s nod, HDFC Bank’s board has approved Bagchi’s appointment, effective October 2, for a three-year term. For HDFC Bank’s investors, this appointment is positive news, as the delay in appointing the CEO was affecting the bank’s standing on the international stage, with HSBC even downgrading the bank due to its the systemic challenges it faces.
“The Reserve Bank of India, through its communication dated October 1, 2026, has approved the appointment of Anup Bagchi as Managing Director & CEO of HDFC Bank for a period of three years with effect from October 27, 2026.” HDFC Bank stated in a regulatory filing.
Bagchi has assumed leadership at a time when the bank is facing slowing credit growth, deposit mobilization pressures and demanding compliance expectations from the regulators, besides governance priorities across its expanding retail and wholesale operations.
Anup Bagchi brings over three decades of financial services experience across commercial banking, capital markets, wealth management and insurance. He has served as the MD and CEO of ICICI Prudential Life Insurance, besides overseeing key verticals within ICICI Bank, including retail banking, small business banking, rural banking and wholesale banking.
