Who is Anup Bagchi? HDFC Bank's New MD and CEO Set to Lead

HDFC Bank has announced the appointment of Anup Bagchi as its new Managing Director and CEO, effective October 27, 2026. This transition follows the tenure of Sashidhar Jagdishan, who chose not to seek reappointment. Bagchi, currently leading ICICI Prudential Life Insurance, will also serve as an Additional Director starting October 2, 2026, pending shareholder approval. This leadership change comes amid a broader reshuffle in the banking sector, with positive investor sentiment reflected in the bank's stock performance. Learn more about Bagchi's vision for HDFC Bank and the implications of this significant appointment.

By Narendra Chaudhary Oct 1, 2026, 21:35 IST

Leadership Change at HDFC Bank

Mumbai: HDFC Bank has officially announced the appointment of Anup Bagchi as its new Managing Director and Chief Executive Officer, following the necessary approval from the Reserve Bank of India (RBI), as disclosed in a stock exchange announcement on Thursday.

Currently serving as the MD and CEO of ICICI Prudential Life Insurance, Bagchi is set to take over the role on October 27, 2026, right after the current MD and CEO, Sashidhar Jagdishan, completes his term on October 26. Jagdishan has opted not to pursue reappointment for another term.

During a meeting on October 1, 2026, the Bank's Board of Directors, upon the recommendation of the Governance, Nomination and Remuneration Committee, approved Bagchi's appointment as an Additional Director starting October 2, 2026, until shareholder approval is obtained as per the Companies Act, 2013.

The bank stated, "Anup Bagchi will serve as the MD & CEO under terms and conditions, including remuneration, sanctioned by the RBI, for a period of three years commencing from October 27, 2026, pending shareholder approval in accordance with the Companies Act, 2013."

This appointment signifies a significant leadership shift at India's largest private sector bank. HDFC Bank had previously submitted two candidates to the RBI for the top position: Anup Bagchi and the bank's Deputy Managing Director, Kaizad Bharucha.

In its announcement, the bank also confirmed Bagchi's role as an Additional Director effective from October 2, 2026, contingent upon shareholder approval as stipulated by the Companies Act, 2013. The RBI has sanctioned both his appointment and remuneration under Section 35B of the Banking Regulation Act, 1949.

This news arrives amidst a wider reshuffle in the leadership of the banking sector. Earlier in the day, Kotak Mahindra Bank revealed the appointment of Anup Kumar Saha as its new MD and CEO.

Following the announcement, HDFC Bank's shares rose by 1.76 percent, closing at Rs 721.20 on the NSE, indicating a positive response from investors as the bank gears up for this new leadership era under Bagchi.