Anup Bagchi has been appointed MD and Chief Executive Officer of HDFC Bank for a three-year term, effective October 27, 2026, after getting approval from Reserve Bank of India.
Bagchi succeeds Sashidhar Jagdishan, whose term ends on October 26. In August this year, Jagdishan announced he was retiring and did not seek reappointment.
Under India’s banking rules, banks are required to recommend at least two potential candidates for the CEO position to the regulator.
The bank had submitted the names of Deputy Managing Director Kaizad Bharucha and Bagchi to the RBI for approval, Reuters reported last month.
All about Anup Bagchi
Bagchi is a seasoned financial services leader with over three decades of experience across banking, capital markets, wealth management and insurance. A member of the ICICI Group since 1992, he has held several key leadership positions, including CEO and MD of ICICI Securities and Executive Director of ICICI Bank. He currently serves as MD and CEO of ICICI Prudential Life Insurance.
“Since June 2023, Mr. Bagchi has been serving as MD & CEO of ICICI Prudential Life Insurance, leading one of India’s largest private life insurers, which is publicly listed. Under his leadership, the company crossed Rs. 10,000 crore in Annualised Premium Equivalent (APE) for the first time in FY2025, with APE growing 15% year-on-year to Rs. 10,407 crore and profit after tax increasing nearly 40% to Rs. 1,189 crore,” the bak said via a statement.
Bagchi holds Management degree from Indian Institute of Management, Bangalore and an Engineering degree from Indian Institute of Technology, Kanpur, according to press release shared bt HDFC Bank.
Bagchi also served as Executive Director of ICICI Bank from 2017 to 2023, overseeing Retail, Business and Rural Banking, and subsequently Wholesale Banking. During his tenure, he played a key role in strengthening the bank’s retail franchise, driving profitable growth while maintaining credit and cost discipline, said the statement.