RBI clears three-year appointment of the ICICI Group veteran as Sashidhar Jagdishan prepares to complete his tenure
GTNS | MUMBAI | OCTOBER 1, 2026 , HDFC Bank has selected Anup Bagchi as its next Managing Director and Chief Executive Officer, bringing an important leadership transition at one of India’s largest private-sector banks into focus.
The appointment received approval from the Reserve Bank of India on October 1, 2026. Bagchi will begin his three-year term on October 27, succeeding Sashidhar Jagdishan, whose current tenure ends on October 26.
A CHANGE AT THE TOP
HDFC Bank said its board has approved Bagchi’s appointment as an additional director with effect from October 2, subject to the required shareholder approval. His appointment as MD and CEO will also be subject to shareholder approval under the applicable provisions of the Companies Act.
Bagchi’s three-year term is scheduled to run from October 27, 2026, to October 26, 2029.
The transition follows Jagdishan’s decision not to seek another term as head of the bank. He has served as HDFC Bank’s MD and CEO since 2020.
WHO IS ANUP BAGCHI?
Bagchi brings more than three decades of experience in financial services. His professional career has been closely associated with the ICICI Group, where he began in 1992 and subsequently worked across banking, capital markets, treasury, retail banking, wholesale banking and investment banking.
He served as Executive Director of ICICI Bank between 2017 and 2023. During that period, his responsibilities included retail, business and rural banking before he moved to oversee wholesale banking.
He also headed ICICI Securities as its Managing Director and CEO.
Since June 2023, Bagchi has been serving as Managing Director and CEO of ICICI Prudential Life Insurance, making his move to HDFC Bank a return to the mainstream banking sector.
WHY THE APPOINTMENT MATTERS
The appointment brings an experienced financial-services executive from outside HDFC Bank’s existing top management into the institution’s highest executive position.
Bagchi will take charge at a time when India’s banking sector continues to deal with competition for deposits, changing customer behaviour, digital expansion and the broader operational demands that have followed major changes in the financial-services industry.
His immediate task will be to take charge of the bank’s operations and leadership agenda after the completion of Jagdishan’s tenure. Specific strategic priorities under the incoming CEO will become clearer after he formally assumes office.
FROM ICICI TO HDFC
Bagchi’s career also gives the leadership change an unusual industry dimension. Much of his professional journey has been within the ICICI ecosystem, while his new assignment places him at the head of HDFC Bank.
Reuters reported that Bagchi’s appointment makes him the first external candidate to lead HDFC Bank, adding a distinct element to the bank’s succession process.
WHAT HAPPENS NEXT
The immediate timeline is now clear: Bagchi joins HDFC Bank’s board as an additional director from October 2, subject to shareholder approval, and takes over as MD and CEO on October 27.
Until October 26, Jagdishan remains the bank’s MD and CEO.
The leadership change therefore marks the end of one phase of HDFC Bank’s management and the beginning of another, with Bagchi’s three-year term set to formally commence later this month.