Anup Bagchi takes charge as HDFC Bank CEO and MD

Anup Bagchi, an ICICI Group veteran, is the first outsider to head HDFC Bank in its over-three-decade history. His previous assignment was as the MD and CEO of ICICI Prudential Life Insurance. File

The country’s largest private sector lender, HDFC Bank, on Tuesday (October 27, 2026) said Anup Bagchi has taken charge as its Managing Director and Chief Executive Officer.

His predecessor, Sashidhar Jagdishan, vacated office on Monday (October 26, 2026) after the completion of his term, the bank informed exchanges.

Mr. Bagchi, an ICICI Group veteran, is the first outsider to head HDFC Bank in its over-three-decade history. His previous assignment was as the MD and CEO of ICICI Prudential Life Insurance.

He joins HDFC Bank at a time when the lender is battling a slew of challenges, including on core income growth and margins, which have made investors wary.

In brief comments on an earnings call he attended, Mr. Bagchi said a part of the work on the bank’s 2023 merger with housing finance major parent HDFC is yet to be executed, and he announced that he would meet all stakeholders to better understand the bank.

Mr. Bagchi also appreciated the strong and committed leadership at HDFC Bank, amid speculation over whether he would continue with the same team or bring in new people.

Ahead of his joining, Kayezad Bharucha, an HDFC Bank veteran serving as deputy managing director, announced his intent to retire by December 2026.

Mr. Jagdishan had announced his unavailability for an extension amid allegations of shortcomings on the governance front. The bank’s own probe had also found shortcomings in the practice of booking high-quantum deposits by paying off an extra amount over and above the card rate to the depositor under a different head. Mr. Jagdishan was also fined for the practice.

The surprise resignation of the bank’s non-executive chairman Atanu Chakraborty in March 2026, flagging values and ethics, had brought certain practices at the largest private lender to light.

In the exchange filing on Tuesday, HDFC Bank said it “sincerely appreciates the strategic vision and unwavering commitment demonstrated by Jagdishan throughout his distinguished tenure.”

“His stewardship has been instrumental in strengthening the bank’s performance, culture, and customer-centric approach,” the bank said, acknowledging his pivotal role in steering the successful completion of one of the largest mergers in corporate India.

HDFC Bank’s scrip was trading 0.07% up, at ₹688.7 apiece, on the BSE at 0956 hrs on Tuesday, against a 0.11% correction on the benchmark.

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