HDFC Bank has appointed Anup Bagchi as its next Managing Director and Chief Executive Officer (MD and CEO), completing the search for a successor to Shashidhar Jagdishan. Bagchi is scheduled to take charge on October 27, 2026, for a 3-year term, subject to shareholder approval under the Companies Act, 2013.
The Reserve Bank of India has approved Bagchi's appointment, including the terms sanctioned by the regulator. HDFC Bank's board approved the appointment at its meeting held on October 1, 2026, following a recommendation from its Governance, Nomination and Remuneration Committee.
When will Bagchi join HDFC Bank?
The bank's board has approved Bagchi's appointment as an additional director from October 2, 2026. His appointment as MD and CEO will begin on October 27, 2026, after Jagdishan's current term ends on October 26.
Jagdishan had informed the board in August that he did not want to seek another term after completing his tenure. HDFC Bank had been looking for a new leader since then.
Bagchi's current role and experience
Bagchi is currently the MD and CEO of ICICI Prudential Life Insurance. He has more than 3 decades of experience in banking and financial services and began his career with the ICICI Group in 1992.
During his career, he has worked in retail banking, MSME, corporate banking, treasury and credit policy. His experience covers several major areas of banking and financial services.
Bagchi became an Executive Director on ICICI Bank's board in 2017. In that role, he handled wholesale banking, transaction banking, markets and the proprietary trading group.
Education and appointment terms
Bagchi graduated in Chemical Engineering from IIT Kanpur in 1990. He later studied management at IIM Bengaluru, taking his career from a technical education background into management and banking.
The RBI-approved appointment includes the terms set by the regulator, including salary. The final appointment for the 3-year period beginning October 27, 2026, requires shareholder approval.
Conclusion
Anup Bagchi will take over as HDFC Bank's MD and CEO from October 27, 2026, subject to shareholder approval. His appointment follows the conclusion of Shashidhar Jagdishan's term and brings a banking executive with experience across ICICI Group businesses to the top role.
Frequently Asked Questions
Q. Who has been appointed HDFC Bank's new MD and CEO?
Anup Bagchi has been appointed HDFC Bank's next Managing Director and Chief Executive Officer, subject to shareholder approval.
Q. When will Anup Bagchi take charge at HDFC Bank?
Bagchi is scheduled to take charge on October 27, 2026.
Q. How long is Anup Bagchi's HDFC Bank term?
His appointment has been approved for a 3-year term.
Q. Who is Anup Bagchi replacing at HDFC Bank?
He will succeed Shashidhar Jagdishan, whose term ends on October 26.
Q. What is Anup Bagchi's current position?
Bagchi is currently the MD and CEO of ICICI Prudential Life Insurance.
Q. When did Anup Bagchi join the ICICI Group?
He began his career with the ICICI Group in 1992.
Q. What did Anup Bagchi study?
He graduated in Chemical Engineering from IIT Kanpur in 1990 and later studied management at IIM Bengaluru.
Q. Is shareholder approval required for the appointment?
Yes. The appointment is subject to shareholder approval under the Companies Act, 2013.
