Anup Bagchi Takes Charge as HDFC Bank MD and CEO
Anup Bagchi has taken charge as Managing Director and Chief Executive of HDFC Bank, succeeding Sashidhar Jagdishan. Bagchi becomes the first external leader in the bank’s more than three-decade history. He previously served as Managing Director and CEO of ICICI Prudential Life Insurance and brings extensive experience from the ICICI Group.
Bagchi takes over at a critical stage for India’s largest private-sector bank, with challenges around core income growth and margins weighing on investor sentiment. He has said that some work related to HDFC Bank’s 2023 merger with housing finance major HDFC remains to be completed. He also plans to meet stakeholders to understand the bank and its priorities.
The leadership transition also comes amid governance-related developments. Jagdishan’s term ended on October 26, while Deputy Managing Director Kayezad Bharucha has announced plans to retire by December 2026. The bank’s internal investigation had identified shortcomings in practices involving the booking of high-value deposits, including payments above card rates under a different head, for which Jagdishan was fined.
The resignation of non-executive chairman Atanu Chakraborty in March, citing concerns around values and ethics, had also raised governance questions.
For Bagchi, priorities will include completing the post-merger integration, addressing income and margin pressures, maintaining growth momentum and strengthening stakeholder confidence. HDFC Bank has acknowledged Jagdishan’s contribution to the bank’s performance and the successful completion of the merger.
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