HDFC Bank is set for a change at the top, with Anup Bagchi appointed as its next Managing Director and Chief Executive Officer (MD & CEO) for a three-year term.
The Reserve Bank of India (RBI) approved Bagchi’s appointment on October 1, according to a stock exchange filing by HDFC Bank. His term will begin from October 27, 2026.
BAGCHI TO TAKE CHARGE ON OCTOBER 27
Following the RBI approval, the HDFC Bank board approved Bagchi’s appointment as an Additional Director with effect from October 2. This appointment will continue until the bank’s shareholders give the required approval under the Companies Act, 2013.
The board also approved his appointment as MD & CEO for three years from October 27, subject to shareholder approval, as per the provisions of Companies Act, 2013.
Bagchi will take over after the end of Sashidhar Jagdishan’s current term as MD and CEO on October 26. Jagdishan has decided not to seek reappointment for another term.
WHO IS ANUP BAGCHI?
Bagchi is a financial services professional with more than three decades of experience across banking, capital markets, wealth management and insurance.
He has been associated with the ICICI Group since 1992 and has held several senior positions during his career. These include CEO and MD of ICICI Securities and Executive Director of ICICI Bank.
He has also worked across areas including treasury, retail banking, wholesale banking, investment banking and digital financial services.
HIS EXPERIENCE AT ICICI BANK
Bagchi served as Executive Director of ICICI Bank from 2017 to 2023. During this period, he handled retail, business and rural banking before moving to oversee wholesale banking
During his tenure, he was involved in strengthening the bank’s retail business and driving growth while focusing on credit and cost discipline.
He also served as Chairman of ICICI Prudential Asset Management Company until May 2023 and held directorships at ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
CURRENTLY HEADS ICICI PRUDENTIAL LIFE
Since June 2023, Bagchi has been the MD and CEO of ICICI Prudential Life Insurance.
Under his leadership, the company crossed Rs 10,000 crore in Annualised Premium Equivalent (APE) for the first time in FY2025. APE grew 15% year-on-year to Rs 10,407 crore, while profit after tax rose nearly 40% to Rs 1,189 crore.
Bagchi holds a management degree from the Indian Institute of Management, Bangalore, and an engineering degree from the Indian Institute of Technology, Kanpur.
His appointment will mark the beginning of a new leadership phase for HDFC Bank from October 27.
