Anup Bagchi Takes Over as HDFC Bank MD & CEO, Succeeding Sashidhar Jagdishan

The former ICICI Prudential Life chief starts a three-year term leading India’s largest private-sector lender.

HDFC Bank has appointed Anup Bagchi as Managing Director and Chief Executive Officer, effective October 27, 2026. He succeeds Sashidhar Jagdishan, whose tenure ended on October 26.

The Reserve Bank of India has approved Bagchi’s appointment for three years. He takes charge as the bank works to improve business performance and operational efficiency and to realise the benefits of its merger with Housing Development Finance Corporation (HDFC Ltd). Bagchi has more than 30 years of experience across banking, capital markets, wealth management and insurance.

From the ICICI Group to HDFC Bank

Bagchi has spent his career in financial services, holding senior roles across the ICICI Group. Most recently he was Managing Director and CEO of ICICI Prudential Life Insurance, where he focused on expanding protection products and sustainable growth.

From 2017 to 2023, he was Executive Director at ICICI Bank, overseeing retail, business and rural banking before moving to wholesale banking. He also held leadership roles in other group businesses, including chairing ICICI Prudential Asset Management Company until May 2023. His work across lending, insurance, investment and wealth management gives him a broad view of India’s financial services sector.

Bagchi holds a management degree from IIM Bangalore and an engineering degree from IIT Kanpur.

Jagdishan’s tenure

Jagdishan led HDFC Bank from October 2020. A defining moment of his term was the merger of HDFC Ltd with HDFC Bank, completed in July 2023, which brought the housing finance business into the bank and created a larger institution with a wider lending portfolio and customer base.

Integrating the businesses, managing the balance sheet and strengthening deposits have stayed priorities since the merger. In its statement, HDFC Bank acknowledged Jagdishan’s contribution to its performance, culture and customer focus, and his role in the merger.

Priorities for the new CEO

Bagchi takes over while banks are balancing credit growth with deposit mobilisation, margin management and asset quality. For HDFC Bank, getting the most from the merger remains central, including strengthening housing finance, deepening customer relationships and improving operational synergies.

Improving the deposit mix, sustaining loan growth and maintaining asset quality will also matter as the bank balances profitability with expansion. His experience across retail banking, wholesale banking and insurance is likely to be relevant to that work.

What lies ahead

Bagchi’s early focus will be understanding the bank’s priorities, engaging stakeholders and building on his predecessor’s team. Over his term, the aim will be to turn the bank’s scale and post-merger capabilities into sustainable growth and stronger performance. The coming months should show how the new leadership plans to approach these goals.