RBI to Decide HDFC Bank CEO in 7 to 10 Days
The Reserve Bank of India (RBI) is expected to decide within 7–10 days on HDFC Bank’s next Managing Director and Chief Executive Officer, according to sources cited by Moneycontrol. The two candidates are Anup Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, and Kaizad Bharucha, HDFC Bank’s Deputy Managing Director. HDFC Bank had submitted two names to the RBI in order of preference for a three-year term, with the appointment subject to regulatory approval.
Bagchi has around three decades of experience across banking and financial services and previously held senior positions within the ICICI Group. Bharucha has been with the HDFC Group since 1995 and has worked across corporate banking, retail assets, mortgages, emerging corporates and business banking. He became HDFC Bank’s Deputy Managing Director in 2023 and was involved in the integration of HDFC Ltd with the bank.
The succession decision is time-sensitive because current MD and CEO Sashidhar Jagdishan’s term ends on October 26, 2026. Sources cited by Moneycontrol said the RBI is seeking a long-term appointment rather than an interim arrangement, while the new CEO is expected to be in place ahead of HDFC Bank’s October 17 second-quarter results, when the incoming leader could potentially address investors alongside Jagdishan. Meanwhile, ICICI Bank is reportedly considering succession arrangements for the leadership of its life-insurance subsidiary if Bagchi moves to HDFC Bank.
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