Anup Bagchi has been appointed as Managing Director and Chief Executive Officer of HDFC Bank for a three-year term, following approval from the Reserve Bank of India (RBI). He will take charge from October 27, 2026, succeeding Sashidhar Jagdishan, whose term as MD and CEO concludes on October 26, 2026.
The RBI approved Bagchi’s appointment and remuneration under Section 35B of the Banking Regulation Act, 1949, for a period of three years beginning October 27, 2026. HDFC Bank’s board has also approved his appointment as an Additional Director with effect from October 2, 2026, subject to shareholder approval. His term as MD and CEO will run until October 26, 2029.
Bagchi brings more than three decades of experience across banking, capital markets, insurance and financial services. He has spent most of his career with the ICICI Group, where he has held senior leadership positions across banking, securities and insurance businesses.
Before joining HDFC Bank, Bagchi was Managing Director and Chief Executive Officer of ICICI Prudential Life Insurance Company. He took over as MD and CEO in June 2023, after serving as Executive Director and Chief Operating Officer of the company from May 2023. He had earlier served as a non-executive director on the company’s board.
Before moving to ICICI Prudential Life Insurance, Bagchi was an Executive Director at ICICI Bank from February 2017 to April 2023. During his tenure, he worked across several areas of banking, including wholesale banking, transaction banking, markets, retail banking, treasury, investment banking, payment and settlement systems, credit policy, data analytics and digital financial services.
HDFC Bank’s profile notes that during his tenure at ICICI Bank, the bank became the first private-sector bank in India to cross a retail mortgage portfolio of Rs 2 trillion. He also held responsibilities covering digital channels and partnerships, rural and inclusive banking, data sciences and analytics, corporate branding and retail banking during different periods of his tenure.
Bagchi also has extensive experience in capital markets. He served as Managing Director and CEO of ICICI Securities from May 2011 to October 2016. His experience at the company added capital-market and investment-banking exposure to his broader financial-services career.
Alongside his executive roles, Bagchi has served on the boards of several ICICI Group entities. He was Chairman of ICICI Prudential Asset Management Company until May 2023 and served as a director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
Bagchi joined the ICICI Group in 1992 and has worked across retail, corporate and wholesale banking, treasury and other financial-services functions. He has also represented the ICICI Group on committees associated with financial-sector and regulatory matters.
At ICICI Prudential Life Insurance, Bagchi led the company through a period of business growth. During FY2025, the insurer crossed Rs 10,000 crore in Annualised Premium Equivalent (APE) for the first time. APE grew 15% year-on-year to Rs 10,407 crore, while profit after tax increased by nearly 40% to Rs 1,189 crore.
Bagchi holds an engineering degree from the Indian Institute of Technology, Kanpur, and a management degree from the Indian Institute of Management, Bangalore.
His appointment marks a leadership transition at HDFC Bank and brings an external executive with experience spanning retail and wholesale banking, capital markets, insurance, digital financial services and other areas of the financial-services sector to the bank’s top executive position.
Bagchi will formally assume the role of MD and CEO on October 27, 2026, beginning his three-year term at HDFC Bank.
