The Reserve Bank of India has approved the appointment of Anup Bagchi as managing director and CEO of HDFC Bank. He will take charge on October 27, 2026, for a three-year term, succeeding Sashidhar Jagdishan, whose term ends on October 26.Bagchi, 56, is currently MD and CEO of ICICI Prudential Life Insurance, a post he has held since 2023. He has spent more than three decades with the ICICI Group, including six years as executive director of ICICI Bank from 2017 to 2023. He is an alumnus of IIT Kanpur and IIM Bangalore. He becomes HDFC Bank's first external CEO.The bank's board appointed him as an Additional Director from October 2. His appointment as MD and CEO remains subject to shareholder approval under the Companies Act. The RBI approval covers both the appointment and remuneration under Section 35B of the Banking Regulation Act.HDFC Bank shares fell about 2 per cent on Monday to close at Rs 705 on the BSE as investors assessed the leadership change. Jefferies has reaffirmed the stock as its top pick with a buy rating and a price target of Rs 880.