HDFC Bank appointed Anup Bagchi as managing director and chief executive for a three-year term beginning on 27 October. The Reserve Bank of India approved the appointment in a communication dated 1 October, and the bank’s board acted at a meeting the same day. Bagchi will succeed Sashidhar Jagdishan, whose term ends on 26 October.
The board also approved Bagchi’s appointment as an additional director from 2 October, according to the regulatory filing described by Indian Express. According to banking sources cited by Indian Express, HDFC Bank's board had forwarded two names to the central bank for the post.
EXPERIENCE ACROSS BANKING AND INSURANCE
Bagchi currently leads ICICI Prudential Life Insurance and has worked within the ICICI group since 1992. His career has included treasury, retail and wholesale banking, investment banking, capital markets and digital financial services. He previously served as chief executive of ICICI Securities and as an executive director of ICICI Bank.
The incoming chief executive therefore brings experience from both banking and insurance to HDFC Bank. The bank said Bagchi served as an executive director of ICICI Bank from 2017 to 2023, overseeing retail, business and rural banking and subsequently wholesale banking. The same banking sources said the other name was deputy managing director Kaizad Bharucha.
TRANSITION NOW HAS A FIXED TIMETABLE
RBI approval gives the bank a defined handover after Jagdishan’s decision not to seek another term. The three-year term begins on 27 October, the day after Jagdishan's term ends. Bagchi's appointment as an additional director runs until shareholders approve it.
His term will run until 26 October 2029, according to the Times of India.