Business EconomyPosted at: Oct 1 2026 7:13PM


HDFC Bank names ICICI veteran Anup Bagchi new MD & CEO

New Delhi, Oct 1 (UNI) HDFC Bank has appointed Anup Bagchi as its next Managing Director and Chief Executive Officer, bringing an end to the closely watched succession process at the country’s largest private-sector lender.
The appointment follows approval from the Reserve Bank of India (RBI), with Bagchi set to take charge after the retirement of incumbent MD & CEO Sashidhar Jagdishan.
The RBI approved Bagchi’s appointment and his remuneration on October 1, 2026.
HDFC Bank’s board has appointed him as an Additional Director from October 2, while his three-year term as MD & CEO will begin on October 27, subject to shareholder approval.
Bagchi is a veteran of the ICICI Group and brings more than three decades of experience across banking, financial services and capital markets.
He joined ICICI Limited in 1992 and over the course of his career has worked across retail banking, corporate and investment banking, treasury, credit policy and data analytics.
He holds an engineering degree from IIT Kanpur and a management degree from IIM Bangalore.
Bagchi has also held senior leadership positions within the ICICI Group. He became Managing Director and CEO of ICICI Securities in 2011 and was associated with the expansion of its retail and institutional broking, financial-product distribution, wealth-management and corporate-finance businesses.
HDFC Bank’s appointment of Anup Bagchi as its next Managing Director and CEO comes after a turbulent year for the lender, marked by an abrupt chairman exit, questions around corporate governance, scrutiny of internal practices and uncertainty over the succession of Sashidhar Jagdishan.
The leadership transition is particularly significant because Jagdishan’s tenure was already nearing its scheduled end on October 26, 2026.
The bank had initially been expected to go through a routine succession process, but developments at the board level earlier this year added another layer of uncertainty.
One of the biggest developments came in March 2026, when HDFC Bank’s part-time chairman Atanu Chakraborty resigned abruptly.
Chakraborty, who had been chairman since 2021, cited differences relating to values and ethics in his resignation.
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