HDFC Bank has received approval from Reserve Bank of India (RBI) to appoint Anup Bagchi as its managing director and chief executive officer (MD&CEO) for three years from 27 October 2026. The Bank’s board has approved his appointment, which is also subject to shareholder approval.
The Bank’s board, at a meeting held on Thursday, approved Mr Bagchi’s appointment as an additional director with effect from 2 October 2026 until shareholders approve his appointment, in accordance with the Companies Act, 2013. His three-year term as MD&CEO will begin on 27 October 2026, subject to the required shareholder approval.
HDFC Bank’s board approved the appointment following a recommendation from its governance, nomination and remuneration committee. The Bank said the appointment and remuneration had received RBI approval, while shareholder approval remains a requirement under the applicable provisions of the Companies Act, 2013.
At present, Mr Bagchi is MD&CEO of ICICI Prudential Life Insurance. He will bring more than three decades of experience across banking, capital markets, wealth management and insurance to his new role.
Mr Bagchi has been associated with the ICICI Group since 1992 and has held several senior positions across its businesses. His previous roles include MD&CEO of ICICI Securities and executive director (ED) of ICICI Bank.
At ICICI Bank, where he served as ED from 2017 to 2023, Mr Bagchi oversaw retail, business and rural banking before moving to wholesale banking.
During his tenure, he played a role in expanding ICICI Bank’s retail franchise while focusing on profitable growth, credit quality and cost discipline, according to HDFC Bank’s statement.
The bank also credited his leadership with helping strengthen its mortgage business. Under his watch, ICICI Bank became the first private-sector bank in India to cross ₹2 trillion in its retail mortgage portfolio.
Alongside his executive responsibilities at ICICI Bank, Mr 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.
Mr Bagchi took charge as MD&CEO of ICICI Prudential Life Insurance in June 2023. Under his leadership, the insurer crossed ₹10,000 crore in annualised premium equivalent (APE) for the first time in FY24-25.
The company’s APE rose 15% year-on-year to ₹10,407 crore in FY24-25, while its profit after tax increased nearly 40% to ₹1,189 crore.
His experience across banking and insurance will now be relevant to his leadership of HDFC Bank, where the MD&CEO is responsible for steering the lender’s business and executing its strategy.
Mr Bagchi holds a management degree from the Indian Institute of Management, Bangalore (IIM-B), and an engineering degree from the Indian Institute of Technology (IIT), Kanpur.
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