The Reserve Bank of India (RBI) has approved the appointment of Anup Bagchi as Managing Director & Chief Executive Officer of HDFC Bank for a three-year term with effect from October 27, 2026.
Bagchi will succeed Shashidhar Jagdishan, who will complete his tenure as HDFC Bank’s MD & CEO at the close of business hours on October 26, 2026.
Over three decades in financial services
Bagchi brings more than three decades of experience across banking, capital markets, wealth management and insurance. He has been associated with the ICICI Group since 1992 and has held leadership roles spanning treasury, retail banking, wholesale banking, investment banking and digital financial services.
His previous positions include CEO & MD of ICICI Securities and Executive Director of ICICI Bank. Since June 2023, he has been serving as Managing Director & CEO of ICICI Prudential Life Insurance.
Leadership at ICICI Bank
Bagchi served as Executive Director of ICICI Bank from 2017 to 2023, where he was responsible for Retail, Business and Rural Banking and subsequently Wholesale Banking.
During his tenure, he was involved in strengthening the bank’s retail franchise, with a focus on profitable growth, credit discipline and cost management. Under his leadership, ICICI Bank became the first private-sector bank in India to cross a ₹2 trillion retail mortgage portfolio.
He also played a role in steering the bank through the demonetisation period, during which the bank experienced limited business disruption, according to HDFC Bank.
Alongside his executive responsibilities, Bagchi served as Chairman of ICICI Prudential Asset Management Company until May 2023. He was also a Director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
ICICI Prudential Life performance
Since taking charge of ICICI Prudential Life Insurance in June 2023, Bagchi has led the listed private-sector life insurer through a period of business growth.
Under his leadership, the company crossed ₹10,000 crore in Annualised Premium Equivalent (APE) for the first time in FY2025. APE increased 15% year-on-year to ₹10,407 crore, while profit after tax rose nearly 40% to ₹1,189 crore.
The company has also reported growth in protection products and new business generation during his tenure, with a focus on profitable and sustainable expansion.
IIT Kanpur, IIM Bangalore alumnus
Bagchi holds an engineering degree from the Indian Institute of Technology, Kanpur, and a management degree from the Indian Institute of Management, Bangalore.
He will take charge of HDFC Bank at a time when the bank is transitioning to a new leadership phase following Jagdishan’s departure after his tenure as MD & CEO.