Who is Anup Bagchi, HDFC Bank's new CEO and MD?

Anup Bagchi will succeed Sashidhar Jagdishan, whose current term ends on October 26. Jagdishan has decided not to seek another term.Anup Bagchi has led retail, wholesale banking, insurance, and capital markets. New Delhi,Oct 2, 2026 09:59 ISTAnup Bagchi, a veteran of the ICICI Group with more than three decades of experience across banking, capital markets and insurance, will take charge as HDFC Bank’s new Managing Director and CEO from October 27.The Reserve Bank of India (RBI) approved Bagchi’s appointment on October 1 for a three-year term. HDFC Bank’s board has also appointed him as an additional director from October 2, subject to shareholder approval. He will succeed Sashidhar Jagdishan, whose current term ends on October 26. Jagdishan has decided not to seek another term.Bagchi’s appointment brings an executive from HDFC Bank’s biggest private-sector banking rival, ICICI, to the top job. He has spent most of his career with the ICICI Group and has worked across retail banking, wholesale banking, treasury, investment banking, digital financial services, capital markets and insurance.FROM IIT KANPUR TO ICICIBagchi is an engineer by training. He completed his Chemical Engineering degree from the Indian Institute of Technology, Kanpur, in 1990, followed by a management degree from the Indian Institute of Management, Bangalore. He joined the ICICI Group in 1992 and went on to hold several senior roles over the next three decades. His career has included stints in treasury, retail banking, corporate banking, transaction banking, capital markets and digital financial services.He later became Managing Director and CEO of ICICI Securities, before moving into senior leadership at ICICI Bank.HIS ICICI BANK EXPERIENCE Bagchi served as an Executive Director at ICICI Bank from 2017 to 2023. He initially oversaw retail, business and rural banking before moving to wholesale banking.During his time at ICICI Bank, the lender’s retail mortgage portfolio crossed Rs 2 trillion, making it the first private-sector bank in India to reach that level, according to HDFC Bank’s profile of Bagchi.He also had experience across areas such as credit policy, markets, data analytics and technology-led financial services. HDFC Bank’s profile says he was involved in strengthening the bank’s retail franchise while maintaining focus on credit and cost discipline.Bagchi also served as chairman of ICICI Prudential Asset Management Company until May 2023 and held directorships at ICICI Prudential Pension Funds Management Company and ICICI Home Finance.In June 2023, Bagchi moved to ICICI Prudential Life Insurance as its Managing Director and CEO.During FY2025, the insurer crossed Rs 10,000 crore in Annualised Premium Equivalent (APE) for the first time. APE increased 15% year-on-year to Rs 10,407 crore, while profit after tax rose nearly 40% to Rs 1,189 crore.His current role has therefore given him experience beyond traditional banking, including life insurance, distribution and long-term financial products.Bagchi’s career spans several parts of financial services, from lending and retail banking to capital markets and insurance. That makes his experience broader than a conventional retail-banking background.His appointment also marks a leadership transition at HDFC Bank after Jagdishan decided against seeking reappointment. Bagchi will formally take over on October 27, beginning a three-year term subject to shareholder approval.For HDFC Bank, Bagchi will now move from the ICICI Group to lead a lender where he has no previous executive role. His experience at ICICI Bank, ICICI Securities and ICICI Prudential Life gives him exposure to multiple financial businesses as he takes charge of the country’s largest private-sector bank.- Ends