Anup Bagchi HDFC Bank MD And CEO: HDFC Bank has picked Anup Bagchi as its next Managing Director and Chief Executive Officer. He’ll take charge for three years from October 27, 2026, after the current MD and CEO Sashidhar Jagdishan completes his term on October 26.
Bagchi is currently the MD and CEO of ICICI Prudential Life Insurance. The Reserve Bank of India has approved his appointment at HDFC Bank along with the remuneration for his new role. The bank shared the update through a regulatory filing on October 1.
Jagdishan had told HDFC Bank’s board in August that he wouldn’t seek another term after his current appointment ends. This opened the way for the bank to find a new person for the top job.
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RBI Gives Approval For Bagchi’s New Role
HDFC Bank said the RBI gave its approval on October 1, 2026. The board also approved Bagchi’s appointment as an Additional Director from October 2. This appointment is subject to shareholder approval as required under the Companies Act.
The bank said in its filing:“RBI vide its communication dated October 1, 2026, has approved the appointment of Mr Anup Bagchi as the Managing Director & Chief Executive Officer of the Bank and the remuneration payable to him, under Section 35B of the Banking Regulation Act, 1949 for a period of 3 (three) years with effect from October 27, 2026,”
Bagchi will move to HDFC Bank after spending more than three decades with the ICICI Group and working across banking, capital markets, wealth management and insurance.
Who is Anup Bagchi?
Bagchi studied Chemical Engineering at IIT Kanpur and later completed a management degree from IIM Bangalore. He joined the ICICI Group in 1992 and has worked in several parts of the financial services business. His experience includes retail banking, corporate banking, treasury, investment banking, payments and digital financial services.
Before joining ICICI Prudential Life Insurance, Bagchi was an Executive Director at ICICI Bank. From February 2017 to April 2023, he handled areas including Wholesale Banking, Transaction Banking, Markets and Proprietary Trading. He had earlier served as MD and CEO of ICICI Securities from 2011 to 2016.
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Bagchi became Executive Director and Chief Operating Officer of ICICI Prudential Life Insurance in May 2023. He then became the company’s MD and CEO from June 19, 2023. He currently holds that position.
His earlier career also included work with different financial businesses under ICICI. He has served on committees linked with bodies including RBI, SEBI, NSDL and BSE. He also received The Asian Banker Retail Finance Person of the Year Award in Asia Pacific for his work in growing ICICI Bank’s retail business through digital transformation.
