Anup Bagchi: From ICICI veteran to HDFC CEO

Veteran banker Anup Bagchi, who spent three decades at ICICI Group, has been named managing director and CEO of HDFC Bank, returning to mainstream banking after a brief stint at ICICI Prudential Life Insurance. The Reserve Bank of India has granted his appointment for a three-year term, beginning October 27, 2026, and ending on October 26, 2029. Bagchi will replace Sashidhar Jagdishan, whose tenure ends on October 26, 2026.

With 55 years of experience, Bagchi joined ICICI Group in 1992 and held various positions across retail, corporate, investment banking, treasury, and other financial services. In 2016, he led ICICI Bank's retail business and was appointed executive director. Before his move to ICICI Prudential Life Insurance in 2023, he served as executive director at ICICI Bank, overseeing wholesale banking, transaction banking, markets group, and proprietary trading.

Bagchi's transition from insurance back to banking sparked discussions with the RBI, which sought input from the insurance regulator and ICICI Bank CEO Sandeep Bakhshi on his suitability. The central bank has now cleared his appointment. Bagchi will join HDFC Bank's board as an additional director from October 2, subject to shareholder approval. His immediate focus will be on leading the bank as it enters a new phase of leadership.