Anup Bagchi becomes HDFC Bank CEO

Anup Bagchi has officially assumed the role of Managing Director and Chief Executive Officer at HDFC Bank, India’s largest private sector lender, beginning a three-year term on 27 October 2026. Bagchi, the bank’s first external chief executive, succeeds Sashidhar Jagdishan, who completed his tenure on 26 October.

Bagchi’s appointment was approved by the Reserve Bank of India on 1 October, though final approval from shareholders is still required. Bagchi brings over three decades of experience in financial services, having previously held leadership positions within the ICICI Group.

The leadership transition occurs as the bank faces challenges regarding low-cost deposit growth, with time deposits currently growing faster than current and savings accounts. Recent quarterly results showed a net profit increase of 4.7% year-over-year to ₹195.1 billion, though net interest margins saw a slight decline from the previous quarter. Additionally, Deputy Managing Director Kaizad Bharucha has requested to end his service on 31 December.