The Reserve Bank of India (RBI) has approved the appointment of Anup Bagchi as Managing Director & CEO of HDFC Bank for three years from October 27, 2026.

The bank’s board, at its October 1 meeting, approved his appointment as an Additional Director from October 2 until shareholder approval. Mr. Bagchi was among two candidates recommended to the regulator, alongside HDFC Bank’s existing Deputy MD Kaizad M. Bharucha, after incumbent MD & CEO Sashidhar Jagdishan opted out of a fresh term.

Mr. Bagchi, a seasoned financial-services professional with more than three decades of experience, has worked across banking, capital markets, wealth management and insurance. A veteran of the ICICI Group since 1992, he has held senior roles spanning treasury, retail and wholesale banking, investment banking and digital financial services.

He has served as CEO & MD of ICICI Securities and Executive Director of ICICI Bank and is currently MD & CEO of ICICI Prudential Life Insurance.

An IIM Bangalore management graduate and IIT Kanpur engineer, Mr. Bagchi takes charge at a critical juncture. He will have to address governance concerns, restore investor confidence amid pressure on the bank’s stock, and navigate the broader challenges facing India’s largest private-sector lender.