HDFC Bank, India's largest private-sector lender, has announced the appointment of Anup Bagchi as its new Managing Director and Chief Executive Officer. The bank's board of directors approved Bagchi's appointment on October 1, 2026, for a three-year term commencing October 27, 2026.
Bagchi will take over the leadership role from the incumbent MD & CEO, Sashidhar Jagdishan, whose current term concludes on October 26, 2026. Jagdishan had previously informed the board on August 29, 2026, that he would not seek reappointment.
Leadership Transition and Bagchi's Background
The transition marks a significant leadership change at the top of HDFC Bank. Anup Bagchi brings extensive experience in the financial sector, having served as the Managing Director and CEO of ICICI Prudential Life Insurance since 2023. His career spans over three decades across various domains within banking and financial services.
The appointment of Bagchi as an additional director will become effective from October 2, 2026, pending shareholder approval, in accordance with the Companies Act, 2013. His full appointment as MD & CEO, including the terms, conditions, and remuneration, is also subject to approval by the Reserve Bank of India (RBI). The bank's Governance, Nomination and Remuneration Committee recommended Bagchi for the prestigious position.