HDFC Bank has appointed Anup Bagchi as its next managing director and chief executive officer for a period of three years after getting approval from Reserve Bank of India (RBI).

Bagchi’s term will come into effect from 27 October 2026.

Currently serving as the MD and CEO of ICICI Prudential Life Insurance, Bagchi will succeed Sashidhar Jagdishan, whose term ends on 26 October.

The lender had submitted ⁠the names of deputy managing director Kaizad Bharucha and external candidate Bagchi to the RBI for approval, after Jagdishan informed the board in August that he would not seek reappointment for a third term. 

Bagchi, 55, has earlier held senior positions ⁠at ICICI Bank. Between 2017 to 2023, he served as executive director at ICICI Bank, overseeing retail, business and rural banking before moving to wholesale banking.

During his tenure, 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. 

Joining ICICI group in 1992, his experience spans treasury, retail and wholesale banking, investment banking, capital markets, wealth management, insurance and digital financial services.

He served as chairman of ICICI Prudential Asset Management Company until May 2023 and as a director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.

Before moving to ICICI Prudential Life Insurance as MD and CEO in June 2023, Bagchi served as CEO and MD of ICICI Securities.

During his three-year stint at ICICI Prudential Life Insurance, he oversaw a period of expansion in the insurer’s protection and new-business segments, while the company strengthened its distribution across channels.

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