What was filed
HDFC Bank told the exchanges that the Reserve Bank of India, by a communication dated October 1, 2026, approved the appointment of Anup Bagchi (DIN: 00105962) as Managing Director & Chief Executive Officer, along with his remuneration, under Section 35B of the Banking Regulation Act, 1949.
Acting on the recommendation of its Governance, Nomination and Remuneration Committee, the Board approved Bagchi as an Additional Director with effect from October 2, 2026, and as MD & CEO with effect from October 27, 2026. Both roles remain subject to shareholder approval under the Companies Act, 2013. The appointment follows an earlier intimation dated September 12, 2026.
The leadership transition
The move sets a succession at the top of India's largest private-sector lender. Per the filing, Sashidhar Jagdishan will complete his tenure at the close of business hours on October 26, 2026, with Bagchi taking charge the following day.
Bagchi's appointment runs from October 27, 2026 to October 26, 2029 on terms approved by the RBI, and he will not be liable to retire by rotation. The filing states he is not related to any other Director or Key Managerial Personnel of the Bank and is not debarred from holding office by any SEBI or other order.
Who is Anup Bagchi
The Bank's enclosed profile describes Bagchi as a financial services leader with over three decades of experience, and a member of the ICICI Group since 1992. His prior roles include CEO & MD of ICICI Securities and Executive Director of ICICI Bank from 2017 to 2023, where he oversaw retail, business and rural banking and later wholesale banking.
Since June 2023 he has served as MD & CEO of ICICI Prudential Life Insurance. He holds a management degree from IIM Bangalore and an engineering degree from IIT Kanpur.