HDFC Bank has appointed Anup Bagchi as its Managing Director and Chief Executive Officer for three years, effective October 27, 2026, following approval from the Reserve Bank of India.

The bank’s board approved the appointment at its meeting on October 1, subject to shareholder approval. Bagchi will also join the board as an Additional Director from October 2.

He succeeds Sashidhar Jagdishan, whose term as MD and CEO ends on October 26. Jagdishan had informed the board in August that he would not seek reappointment.

Bagchi currently heads ICICI Prudential Life Insurance as its MD and CEO. He has more than three decades of experience across banking, capital markets, wealth management and insurance, and has been associated with the ICICI Group since 1992.

He holds a management degree from the Indian Institute of Management Bangalore and an engineering degree from the Indian Institute of Technology Kanpur.

Bagchi’s appointment will be the bank’s first chief from outside the erstwhile HDFC in its 32-year history. HDFC Bank’s American Depositary Receipts jumped 5.4 per cent on the NYSE after the announcement.