Who Is Anup Bagchi? Meet the IIT-IIM Banker Set to Lead HDFC Bank
Anup Bagchi brings decades of experience across banking and financial services to his new role at HDFC Bank. From IIT and IIM to leading ICICI Prudential Life, know his professional journey.
Anup Bagchi, an IIT-IIM alumnus and veteran banker, is set to take charge as HDFC Bank’s MD & CEO.
Anup Bagchi: HDFC Bank has appointed Anup Bagchi, currently Managing Director and CEO of ICICI Prudential Life Insurance, as its next Managing Director and CEO. The Reserve Bank of India (RBI) approved the appointment and his remuneration on October 1 under Section 35B of the Banking Regulation Act, 1949. Bagchi will serve for three years, from October 27, 2026, to October 26, 2029, succeeding Sashidhar Jagdishan, whose tenure ends on October 26.
The bank’s board has also approved Bagchi’s appointment as an Additional Director from October 2, 2026. Both appointments are subject to shareholder approval under the Companies Act, 2013. HDFC Bank disclosed the decisions in a filing to exchanges.
Who is Anup Bagchi?
According to the profile HDFC Bank attached to its filing, Bagchi has more than three decades of experience across banking, capital markets, wealth management and insurance. He has been a member of the ICICI Group since 1992, and his career has covered treasury, retail banking, wholesale banking, investment banking and digital financial services. He holds a management degree from the Indian Institute of Management, Bangalore, and an engineering degree from the Indian Institute of Technology, Kanpur.
Within the group, he has served as CEO and Managing Director of ICICI Securities. He was Executive Director of ICICI Bank from 2017 to 2023, overseeing retail, business and rural banking and later wholesale banking. He was also Chairman of ICICI Prudential Asset Management Company until May 2023, and has been a director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance. He has been MD & CEO of ICICI Prudential Life Insurance since June 2023.
Also Read: HDFC Bank appoints ICICI Prudential Life CEO Anup Bagchi as MD & CEO
The filing says that during his time at ICICI Bank, it became the first private-sector bank in India to surpass a retail mortgage portfolio of ₹2 trillion. It adds that the bank got through the demonetisation period with limited business disruption. These characterisations come from HDFC Bank’s own disclosure.
Anup Bagchi: His record at ICICI Prudential Life
The filing describes ICICI Prudential Life as one of India’s largest private life insurers and notes that it is publicly listed. Under Bagchi’s leadership, its Annualised Premium Equivalent (APE) crossed ₹10,000 crore for the first time in FY2025. APE grew 15% year-on-year to ₹10,407 crore, while profit after tax rose nearly 40% to ₹1,189 crore. The profile also cites growth in protection products and new business generation. The appointment brings him back to mainstream banking after about three years in insurance.
Anup Bagchi: How the appointment was approved
The bank told the exchanges that the RBI communicated its approval on October 1, following an application from the bank. The filing refers to an earlier intimation dated September 12, 2026. It does not disclose the remuneration approved by the RBI.
The same day, HDFC Bank’s board met and, on the recommendation of its Governance, Nomination and Remuneration Committee, approved Bagchi’s appointment as an Additional Director, which will last until shareholders approve it, and his appointment as MD & CEO on the terms approved by the RBI. Under the disclosed terms, he will not be liable to retire by rotation. The bank said he is not related to any other director or key managerial personnel. It also said he is not debarred from holding the office of Additional Director or Director by any SEBI order or other authority.
Anup Bagchi: The leadership change at HDFC Bank
Jagdishan will complete his tenure as MD & CEO at the close of business hours on October 26, 2026. The filing describes Bagchi’s appointment as a consequence of that retirement and the RBI’s approval. Jagdishan has led HDFC Bank since October 2020, when he succeeded long-serving chief Aditya Puri. Reports on the announcement say he told the board in August that he would not seek reappointment. He joined the bank in 1996 as a manager in the finance function and became Chief Financial Officer in 2008.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, under reference SE/2026-27/117, and signed by Company Secretary Ajay Agarwal. Copies went to BSE Limited (scrip code 500180), the National Stock Exchange of India (HDFCBANK), the New York Stock Exchange and the Singapore Exchange Securities Trading Limited. The filing does not say who will succeed Bagchi at ICICI Prudential Life or when he will leave that role.
