Same name, same age, same academic route: Meet HDFC Bank and Kotak’s new chiefs

Mumbai: Two of India's major private-sector banks have announced new CEOs, and the leadership changes have produced an unusual set of similarities. HDFC Bank has appointed Anup Bagchi as its MD and CEO, while Kotak Mahindra Bank has appointed Anup Kumar Saha to the same position.

Both have RBI approval, and both bring significant experience from ICICI Bank.

HDFC Bank appoints Anup Bagchi as MD and CEO

HDFC Bank has appointed Anup Bagchi as its Managing Director and Chief Executive Officer for a three-year term beginning October 27, 2026. The appointment follows approval from the Reserve Bank of India (RBI).

Bagchi will succeed Sashidhar Jagdishan, whose tenure as HDFC Bank's MD and CEO ends on October 26, 2026. HDFC Bank's board has appointed Bagchi as an Additional Director with effect from October 2, while his appointment as MD and CEO remains subject to shareholder approval.

Bagchi will serve as MD and CEO until October 26, 2029.

He currently heads ICICI Prudential Life Insurance and has more than three decades of experience across banking, capital markets, wealth management and insurance. He joined the ICICI Group in 1992 and served as Executive Director of ICICI Bank from 2017 to 2023. He has also headed ICICI Securities.

Bagchi holds an engineering degree from IIT Kanpur and a management degree from IIM Bangalore.

Kotak Mahindra Bank names Anup Kumar Saha

Kotak Mahindra Bank has also received RBI approval to appoint Anup Kumar Saha as its Managing Director and CEO for three years from January 1, 2027.

Saha will succeed Ashok Vaswani, who has decided not to seek reappointment after completing his current term.

Saha joined Kotak Mahindra Bank in January 2026 and was appointed executive director earlier this year. He has been overseeing functions including retail banking, government business, data analytics and marketing.

Before joining Kotak, Saha spent 14 years at ICICI Bank and subsequently worked at Bajaj Finance, where he eventually became Managing Director and CEO.

He holds an engineering degree from IIT Kharagpur and an MBA from IIM Lucknow.

Five things the two new CEOs have in common

1. Both are named Anup

The most obvious coincidence is their first name. Anup Bagchi will lead HDFC Bank, while Anup Kumar Saha will take charge of Kotak Mahindra Bank.

2. Both are 55

Both incoming CEOs are 55 years old, making age another common link between the two appointments.

3. Both are IIT-IIM graduates

Their educational backgrounds follow a similar path: engineering education at an IIT followed by management education at an IIM.

Bagchi studied engineering at IIT Kanpur and management at IIM Bangalore.

Saha studied engineering at IIT Kharagpur and completed his MBA at IIM Lucknow.

4. Both have ICICI Bank in their career history

Both executives spent a significant part of their careers at ICICI Bank.

Bagchi joined the ICICI Group in 1992 and served as an Executive Director at ICICI Bank between 2017 and 2023. His career has included roles spanning retail and wholesale banking, capital markets and insurance.

Saha spent 14 years at ICICI Bank from 2003 to 2017, holding senior positions across several retail banking functions. He later moved to Bajaj Finance before joining Kotak Mahindra Bank.

5. Both are taking charge of major private-sector banks

The two appointments mark leadership changes at two of India's major private-sector lenders.

Bagchi will take over at HDFC Bank from Sashidhar Jagdishan on October 27, while Saha will take over at Kotak Mahindra Bank from Ashok Vaswani on January 1, 2027.

Both appointments have received RBI approval, with shareholder approval forming part of the formal appointment process.

Two similar career paths, two different banking roles

Although Bagchi and Saha share several similarities, their careers have developed across different parts of the financial-services sector.

Bagchi has worked across banking, capital markets, wealth management and insurance and is currently the head of ICICI Prudential Life Insurance.

Saha moved from ICICI Bank to Bajaj Finance, where he held senior positions before becoming its MD and CEO. He joined Kotak Mahindra Bank in 2026 and has since been involved in several key functions.

Their appointments therefore create an unusual coincidence in India's banking sector: two major private banks have chosen incoming CEOs who are both named Anup, are 55, hold IIT and IIM qualifications and have significant professional experience at ICICI Bank.