HDFC Bank appoints Anup Bagchi as next MD and CEO for three-year term

The appointment will mark a leadership transition at HDFC Bank, with incumbent MD and CEO Sashidhar Jagdishan set to complete his tenure at the close of business on October 26, 2026.

Anup Bagchi will take charge as HDFC Bank's new CEO, bringing extensive experience across retail banking, corporate banking, capital markets and insurance.

Mumbai: HDFC Bank has appointed Anup Bagchi as its new Managing Director and Chief Executive Officer for a period of three years, marking a major leadership change at the private sector lender.BHDFC Bank Names Anup Bagchi As New MD & CEO, Three-Year Term To Begin From October 27HDFC Bank has appointed Anup Bagchi as its new Managing Director and Chief Executive Officer for a period of three years, marking a major leadership change at the private sector lender.Bagchi will take charge as MD and CEO from October 27, 2026. He will succeed Sashidhar Jagdishan, whose current term ends on October 26.RBI Approves AppointmentThe Reserve Bank of India has approved Bagchi’s appointment as HDFC Bank’s Managing Director and Chief Executive Officer for three years.Following the RBI approval, HDFC Bank’s Board of Directors met on October 1 and cleared the appointment based on the recommendation of its Governance, Nomination and Remuneration Committee.Bagchi will first join the bank’s board as an Additional Director with effect from October 2, 2026. HDFC Bank Showcases Five Digital Rupee Uses, From Rewards To In-Flight PaymentsHe will then formally take charge as MD and CEO from October 27. His appointment will be for three years and will be subject to approval from HDFC Bank’s shareholders under the Companies Act, 2013.The terms and conditions of his appointment, including remuneration, will be in line with those approved by the RBI.Bagchi To Succeed Sashidhar JagdishanBagchi is currently serving as the Managing Director and Chief Executive Officer of ICICI Prudential Life Insurance.He will succeed Sashidhar Jagdishan, who had informed HDFC Bank’s board in August that he would not seek another term after his current tenure ends.The leadership transition will therefore take place immediately after Jagdishan’s term concludes on October 26.Three-Year Term AheadBagchi’s three-year tenure as MD and CEO will begin on October 27, subject to the required shareholder approval.His appointment brings a new leader to one of India’s largest private sector banks at a time when the lender continues to manage its expanded business following its merger with Housing Development Finance Corporation.The change will also put the focus on HDFC Bank’s future growth strategy, asset quality, deposit mobilisation and integration efforts under its new chief executive.

HDFC Bank has confirmed the appointment of Anup Bagchi as its new managing director and CEO, effective October 27, 2026. With over three decades of banking experience, primarily at ICICI Group, Bagchi is set to replace Sashidhar Jagdishan, who served until October 26, 2026. His vision includes expanding HDFC Bank’s loan portfolio while supervising credit management. The Reserve Bank of India sanctioned his role on October 1, 2026.

HDFC Bank to appoint Anup Bagchi as next CEO for threeyear term

The RBI, through its communication dated October 1, 2026, approved Bagchi's appointment as MD & CEO of HDFC Bank and the remuneration payable to him.