Mumbai: HDFC Bank has appointed Anup Bagchi as its next Managing Director and Chief Executive Officer after receiving approval from the Reserve Bank of India (RBI), according to a stock exchange filing on Thursday. 

Bagchi, currently the MD and CEO of ICICI Prudential Life Insurance, will assume charge on October 27, 2026, following the completion of incumbent MD and CEO Sashidhar Jagdishan's tenure on October 26. Jagdishan had chosen not to seek reappointment for another term.

"The Board of Directors of the Bank, based on the recommendation of the Governance, Nomination and Remuneration Committee, at its meeting held today i.e. October 1, 2026 approved the following:

a. appointment of Anup Bagchi as an Additional Director of the Bank w.e.f. October 2, 2026 till the date of approval of the shareholders as per the provisions of Companies Act, 2013.

b. appointment of Anup Bagchi as the MD & CEO of the Bank on such terms and conditions including remuneration, as approved by the RBI, for a period of 3 (three) years with effect from October 27, 2026, subject to approval of the shareholders as per the provisions of Companies Act, 2013," the private lender said.

The appointment marks a key leadership transition at India's largest private sector lender. Earlier, HDFC Bank had submitted two names to the RBI for consideration for the top position: Anup Bagchi and the bank's Deputy Managing Director Kaizad Bharucha.

In its filing, the bank also announced Bagchi's appointment as an Additional Director with effect from October 2, 2026, subject to shareholders' approval in accordance with the Companies Act, 2013. The RBI has approved both his appointment and remuneration under Section 35B of the Banking Regulation Act, 1949.

The development comes amid a broader reshuffle in the banking sector's top leadership. Earlier in the day, Kotak Mahindra Bank announced the appointment of Anup Kumar Saha as its new MD and CEO.

HDFC Bank shares ended 1.76 per cent higher at Rs 721.20 on the NSE ahead of the announcement, reflecting positive investor sentiment as the bank prepares for its next phase of leadership under Bagchi.

(IANS)