Anup Bagchi will be taking charge as Managing Director and Chief Executive Officer of HDFC Bank for three years with effect from October 27, 2026, succeeding Sashidhar Jagdishan, India’s largest private sector bank, said on Thursday.  Earlier, Jagdishan informed the bank’s board in August that he would not be seeking reappointment when his term ends on October 26.

Bagchi is currently serving as the MD and CEO of ICICI Prudential Life Insurance. HFDFC, in a regulatory filing, informed that the Reserve Bank of India has approved the appointment of Bagchi as Managing Director and Chief Executive Officer for three years.

“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,” the bank said in an exchange filing.  

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According to the filing, following the recommendation of the Governance, Appointments and Remuneration Committee, the Board of Directors of the bank, in its meeting held on October 1, 2026, approved the appointment of Bagchi as Additional Director of the bank with effect from October 2, 2026.

Subsequently, the Board also approved the appointment of Bagchi as CEO of the bank for the next three years. 

Who Is Anup Bagchi: Educational And Career Background

Anup Bagchi is an engineer, a graduate of the Indian Institute of Technology (IIT) Kanpur, and holds a degree in business administration from the Indian Institute of Management Bangalore.

He has over three decades of experience in banking, capital markets, wealth management, and insurance. Bagchi has been with the ICICI Group since 1992 and has developed his career in various areas, including treasury, retail banking, wholesale banking, investment banking, and digital financial services.

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Bagchi’s Leadership Roles 

  • Held pivotal leadership positions including CEO & MD of ICICI Securities, Executive Director of ICICI Bank, and MD & CEO of ICICI Prudential Life Insurance.
  • Served as Executive Director of ICICI Bank (2017–2023), overseeing Retail, Business, Rural Banking, and Wholesale Banking.
  • Served as Chairman of ICICI Prudential Asset Management Company until May 2023, and Director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
  • Served as MD & CEO of ICICI Prudential Life Insurance since June 2023