Who Is the New CEO and MD of HDFC Bank & What Did HDFC Bank Announce?

New CEO and MD of HDFC Bank: HDFC Bank has appointed Anup Bagchi as the next Chief Executive Officer (CEO) & Managing Director (MD) for the upcoming three years from October 27, 2026 till October, 26, 2029. 

He will succeed Sashidhar Jagdishan whose tenure is going to ends on 26 October 2026. The Reserve Bank of India has approved his appointment and remuneration on October 01, 2026. In the board meeting of HDF, which was held on Oct 01, 2026, Anup Bagchi was appointed as Additional Director from October 2. 

Before, Anup Bagchi was appointed as new CEO and MD of HDFC Bank, he also served as Executive Director at ICICI Bank from 2017 to 2023.

Let’s explore this article in detail, know what HFDF has announced, why does does RBI approved this, Who Is Anup Bagchi, his education, also check the comparison of Old CEO and New CEO with important key takeaways from this article

Key Takeaways

• Anup Bagchi will become the Managing Director and Chief Executive Officer of HDFC Bank from October 27, 2026.

• The RBI approved his name and his pay on October 1, 2026, under Section 35B of the Banking Regulation Act, 1949.

• His term is 3 years, from October 27, 2026 to October 26, 2029.

• He takes over from Sashidhar Jagdishan, whose term ends at the close of business hours on October 26, 2026.

• Right now Bagchi is the MD and CEO of ICICI Prudential Life Insurance. He has been with the ICICI Group since 1992.

• The bank's shareholders still have to approve the appointment.

What Did HDFC Bank Announce?

On October 1 2026 HDFC Bank told the stock exchanges about the RBIs decision. The bank had sent its application to the RBI earlier. The RBI replied on the day and said yes.

The banks Board met that day too. It did two things:

1. It made Anup Bagchi an Additional Director of the bank from October 2 2026.

2. It appointed him MD and CEO for 3 years from October 27 2026.

His term as Additional Director lasts until the shareholders give their approval. His MD and CEO appointment also needs shareholder approval under the Companies Act 2013. He will not retire by rotation. The bank also said he is not related to any director or key manager of the bank.

News Alert! HDFC Bank board appoints Anup Bagchi as Managing Director, Chief Executive Officer with effect from October 27, 2026: Exchange filing.

— Press Trust of India (@PTI_News) October 1, 2026

Why Does the RBI Need to Approve This?

In India, the appointment of CEO & MD are not approved only by banks, by there is is must be involvement of the Reserve Bank of India in appointment and removal of CEO & MD pf any banks.

Under Section 35B of the Banking Regulation Act 1949 a private bank must take the RBIs approval for the appointment of its MD and CEO. The RBI also approves the salary and other pay. This rule helps keep banks safe and well run because lakhs of people keep their savings in them.

Who Is Anup Bagchi?

Anup Bagchi has than 30 years of work experience in banking the capital market, wealth management and insurance. He joined the ICICI Group in 1992. 

Ha has worked in many areas, like treasury, retail banking, wholesale banking and investment banking, including

• CEO and MD of ICICI Securities.

• Executive Director of ICICI Bank, from 2017 to 2023

• He looked after retail, business and rural banking first, and later wholesale banking. 

• During this time ICICI Bank became the first private bank in India with a retail home loan book of more than Rs 2 trillion.

• Chairman of ICICI Prudential Asset Management Company, till May 2023.

• MD and CEO of ICICI Prudential Life Insurance, since June 2023

• In FY2025 the company crossed Rs 10,000 crore in Annualised Premium Equivalent (APE) for the first time. 

• Its APE grew 15% to Rs 10,407 crore, and its profit after tax rose by nearly 40% to Rs 1,189 crore.

His Education

Bagchi has an Engineering degree from the Indian Institute of Technology (IIT), Kanpur. He also has a Management degree from the Indian Institute of Management (IIM), Bangalore.

Old CEO and New CEO at a Glance

Till October 26 2026 Sashidhar Jagdishan stays in charge. Anup Bagchi has already joined the Board as an Additional Director from October 2 2026. On October 27 2026 he will formally start as MD and CEO. The shareholders will vote on his appointment as the law requires.

FAQs

Q. Who is the new MD and CEO of HDFC Bank?

Ans. Anup Bagchi is the new MD and CEO of HDFC Bank, and he will presume is his post as CEO and MD of HDFC bank from 27th October 2026.

Q. Who gave the approval for his appointment?

Ans. The Reserve Bank of India approved it on October 1, 2026, under Section 35B of the Banking Regulation Act, 1949.

Q. For how long will he hold the post?

Ans. For 3 years, from October 27, 2026 to October 26, 2029.

Q. Who is leaving the post?

Ans. Sashidhar Jagdishan. His tenure ends at the close of business hours on October 26, 2026.

Q. Where does Anup Bagchi work right now?

Ans. He is the MD and CEO of ICICI Prudential Life Insurance, a job he has held since June 2023.

Q. Which colleges did he study at?

Ans. IIT Kanpur for Engineering and IIM Bangalore for Management.

Q. Is his appointment final?

Ans. The RBI has approved it. The Board has approved it too. It still needs the approval of the bank's shareholders.