Two Anups take the top seats at HDFC Bank, Kotak
Mumbai: HDFC Bank and Kotak Mahindra Bank have announced new managing directors and CEOs, resolving weeks of speculation over leadership transitions. HDFC Bank promoted Anup Bagchi, a former ICICI Prudential Life Insurance executive, to the role, succeeding Sashidhar Jagdishan. Kotak Mahindra Bank chose Anup Saha, an executive director and whole-time director, to replace Ashok Vaswani.
Both Bagchi and Saha join after receiving approval from the Reserve Bank of India. Bagchi, 56, will serve a three-year term following Jagdishan's six-year tenure ending in October. Saha, 55, will take over on January 1, following Vaswani's decision not to seek a second term. The new CEOs share similarities; they are both IIT alumni and previous ICICI Bank executives, with extensive banking and financial services experience.
Bagchi spent 34 years at ICICI after joining in 1992, while Saha worked there for 14 years before moving to Bajaj Finance. The leadership changes come as Jagdishan and Vaswani declined reappointment, sparking speculation about their successors. HDFC Bank recommended Kaizad Bharucha for the post but noted Bharucha's 15-year limit as a whole-time director.
Kotak Mahindra Bank suggested Paritosh Kashyap, but he would exceed the central bank's tenure limit. HDFC Bank's market capitalization stands at Rs 11.09 lakh crore, with total deposits of Rs 31.70 lakh crore as of June 2026.
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