HDFC Bank announced the appointment of Anup Bagchi as its new Managing Director and Chief Executive Officer, effective October 27, 2026. Bagchi will succeed Sashidhar Jagdishan, whose tenure ends on October 26, 2026. The appointment is approved by the Reserve Bank of India for a three-year term until October 26, 2029, marking a key leadership change at India's largest private sector lender, according to bfsi.economictimes.indiatimes.com.
Anup Bagchi brings over 30 years of experience in banking, capital markets, wealth management, and insurance. He has been with the ICICI Group since 1992, holding senior roles in treasury, retail and wholesale banking, investment banking, and digital financial services. Bagchi served as Executive Director of ICICI Bank from 2017 to 2023 and was CEO and MD of ICICI Securities. Since June 2023, he has been MD and CEO of ICICI Prudential Life Insurance, leading the insurer to cross Rs 10,000 crore in annualised premium equivalent in FY2025, per bfsi.economictimes.indiatimes.com.
This leadership transition comes amid broader management changes at HDFC Bank, which recently appointed V N Srivatsan as Chief Compliance Officer effective January 2027 and saw the departure of Group General Counsel Sudhir Kumar Jha. HDFC Bank shares rose nearly 2% following these announcements, closing at ₹721.20 with a market capitalization of ₹11.11 lakh crore, according to thehindubusinessline.com. The bank’s stock has shown mixed performance, down 27.24% year-to-date but gaining 1.31% over the past month.
Anup Bagchi’s appointment is set to take effect on October 27, 2026, with his three-year term running through October 26, 2029, as confirmed by the Reserve Bank of India and HDFC Bank’s official statements reported by bfsi.economictimes.indiatimes.com.