HDFC Bank has appointed its new head. Anup Bagchi was appointed as Managing Director and Chief Executive Officer for a three-year term, starting from October 27, 2026. Approval for his candidacy was received on Thursday, and the Reserve Bank of India (RBI) granted permission for the selection of the new head.
Currently, Bagchi holds the position of Managing Director and CEO at ICICI Prudential Life Insurance. He will replace Shashidhar Jagdishan, who informed the board of directors in August that he does not intend to continue working after the end of his term on October 26.
In regulatory filings, HDFC Bank stated that the Reserve Bank of India approved the appointment of Bagchi as Managing Director and Chief Executive Officer for three years. Subsequently, the bank's Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, approved Bagchi's appointment as an additional director of the bank effective October 2, 2026, during a meeting held on October 1, 2026.
HDFC Bank also approved the appointment of Anup Bagchi as Managing Director and CEO for a period of three years, commencing on October 27, 2026, subject to compliance with conditions approved by the RBI (including remuneration), which will depend on shareholder approval in accordance with the provisions of the Companies Act, 2013.
Anup Bagchi possesses over three decades of experience in the banking and financial services sector. He began his career at ICICI Group in 1992. During his tenure, he handled various sectors, including retail banking, MSMEs, corporate banking, treasury, and credit policy.
He received education from two major institutions in the country. In 1990, he obtained a Bachelor of Chemical Engineering degree from IIT Kanpur. He then pursued management studies at IIM Bengaluru, marking a transition in his career from technical education to management and banking.
Bagchi has been associated with ICICI Bank since 1992 and has held numerous important positions there. In 2017, Bagchi became an executive director of the ICICI Bank board. In this role, he was responsible for key areas such as wholesale banking, transactional banking, markets, and the proprietary trading group.
