02 October,2026 11:19 AM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
Private sector lender HDFC Bank on Thursday appointed Anup Bagchi as it Managing Director and Chief Executive Officer (MD & CEO) for a three-year term commencing from October 27, 2026.
He will succeed incumbent Sashidhar Jagdishan whose term ends on October 26. Jagdishan had not sought a reappointment.
The largest private sector bank in the country in a regulatory filing said the Reserve Bank of India (RBI) approved the appointment of Bagchi for a period of three years.
Besides, he has also been appointed as the Additional Director of the Bank with effect from October 2, 2026.
HDFC Bank said the Board of Directors of the Bank, based on the recommendation of the Governance, Nomination and Remuneration Committee, at its meeting held on October 1, 2026 approved the appointment for both the Additional Director and MD & CEO, until it is approved by the shareholders as per the provisions of Companies Act, 2013.
Bagchi is a seasoned financial services leader with over three decades of experience across banking, capital markets, wealth management and insurance, and is currently MD & CEO of ICICI Prudential Life Insurance, one of India's largest private life insurers.
An alumnus of IIM-Bangalore and IIT-Kanpur, he has been associated with the ICICI Group since 1992, and has built a diverse career spanning treasury, retail banking, wholesale banking, investment banking,
and digital financial services.
He has held several pivotal leadership positions, including CEO & MD of ICICI Securities, Executive Director of ICICI Bank.
"His career reflects a strong track record of business building, strategic leadership, and navigating the evolving financial services landscape," HDFC Bank said.
Bagchi served as Executive Director of ICICI Bank from 2017 to 2023, overseeing retail, business and rural banking, and subsequently wholesale banking.
During this time, he played a key role in strengthening the bank's retail franchise, driving profitable growth while maintaining credit and cost discipline.
"Under his leadership, ICICI Bank became the first private-sector bank in India to surpass a
retail mortgage portfolio of Rs 2 lakh crore and successfully navigated the demonetisation period with
limited business disruption," the statement said.
Bagchi was also the Chairman of ICICI Prudential Asset Management Company until May 2023 and was a Director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
