HDFC Bank has appointed Anup Bagchi as its Managing Director and CEO for three years from October 27, 2026, making him the first external candidate to lead India's largest private-sector bank. The Reserve Bank of India has approved the appointment.

Bagchi will succeed Sashidhar Jagdishan, whose term ends on October 26. He is the MD and CEO of ICICI Prudential Life Insurance and has spent more than three decades with the ICICI Group, including stints at ICICI Bank and ICICI Securities.

The bank had submitted two names to the RBI, with deputy managing director Kaizad Bharucha reported to be the other candidate. The central bank ultimately approved Bagchi.

Investors welcomed the clarity. HDFC Bank shares rose 1 percent to 728.3 rupees on Monday. Brokerage Jefferies reaffirmed the bank as its top pick with a price target of 880 rupees, implying about 22 percent upside. The bank also reported deposit growth of 18.8 percent and gross advances growth of 16.3 percent as of end-September.

The leadership change ends months of uncertainty around succession at a bank still integrating its merger with HDFC Ltd. Bagchi takes charge facing the familiar challenges of deposit growth, margins and post-merger execution.