HDFC Bank has appointed Anup Bagchi as its new managing director and chief executive officer for a three-year term, with effect from October 27, 2026, after receiving approval from the Reserve Bank of India (RBI). Bagchi will succeed Sashidhar Jagdishan, whose term as the bank’s MD and CEO ends on October 26.

The bank’s board approved Bagchi’s appointment at a meeting on October 1, following a recommendation from its Governance, Nomination and Remuneration Committee. He will join the board as an additional director from October 2 before formally taking charge as MD and CEO on October 27.

Anup Bagchi’s banking and financial services background

Bagchi is currently the MD and CEO of ICICI Prudential Life Insurance, a position he has held since June 2023. He previously held senior positions at ICICI Bank, including responsibilities across retail and wholesale banking, and served as an executive director.

With more than three decades of experience in financial services, Bagchi has worked across banking and insurance. His appointment at HDFC Bank brings him back to the banking sector after his tenure at ICICI Prudential Life.

During his time at ICICI Prudential Life, annualised premium equivalent crossed ₹10,000 crore in FY25, reaching ₹10,407 crore, while profit after tax stood at ₹1,189 crore.

RBI approval and leadership transition

HDFC Bank had submitted two names to the RBI as part of the process for selecting its next chief executive — Bagchi and the bank’s deputy managing director, Kaizad Bharucha. The central bank subsequently approved Bagchi’s appointment.

Jagdishan, who has led HDFC Bank since October 2020, had informed the bank’s board in August that he would not seek reappointment after his current term expires. Bagchi will therefore take over immediately after the end of Jagdishan’s tenure.

Key priorities for the new HDFC Bank chief

Bagchi takes charge at a significant stage for HDFC Bank following its merger with Housing Development Finance Corporation (HDFC Ltd) in 2023. The merger significantly expanded the bank’s scale and brought the housing finance business of HDFC Ltd into the banking group.

One of the key priorities for the new management will be balancing loan growth with deposit mobilisation. For a large bank, sustained credit expansion requires a stable funding base, while competition for deposits can influence funding costs and margins.

The bank will also continue to focus on extracting operational and business synergies from the HDFC Ltd merger. This includes using the combined customer base and distribution network while maintaining efficiency across the enlarged organisation.

Bagchi will also take charge in a competitive banking environment in which lenders are seeking growth across retail, corporate and digital banking. His previous experience in both retail and wholesale banking is directly relevant to these areas, although the strategy under his leadership will be determined by the bank’s management and board.

What changes under Bagchi

The appointment marks a leadership transition rather than an immediate change to HDFC Bank’s existing strategic priorities. Loan growth, deposit mobilisation, asset quality, profitability and the integration of the HDFC Ltd merger will remain important areas for the bank.

Bagchi’s experience across banking and insurance gives him exposure to different parts of the financial services sector. His three-year term will begin on October 27, when he formally succeeds Jagdishan as HDFC Bank’s MD and CEO.