HDFC Bank CEO succession: RBI evaluates Anup Bagchi and Kajad Bharucha

The Reserve Bank of India (RBI) is currently evaluating candidates to succeed Shashidhar Jagdishan as the CEO of HDFC Bank, as Jagdishan’s term is set to conclude on October 26. Following a selection process that initially received over 150 applications and saw approximately 50 candidates shortlisted, the bank has recommended two primary names to the regulator.

Anup Bagchi, the current MD and CEO of ICICI Prudential Life Insurance, is considered a leading contender. The RBI is assessing his ability to adapt to the current regulatory and operating environment after spending the last three years in the insurance sector. To assist in this evaluation, the regulator has sought feedback from the insurance regulator (IRDAI) and ICICI Bank CEO Sandeep Bakhshi.

The second candidate is Kajad Bharucha, a 61-year-old Whole-time Director at HDFC Bank who has served the institution since June 2014. His candidacy faces a regulatory hurdle regarding the RBI’s 15-year limit for continuous service as a Whole-time Director, MD, or CEO; if appointed, Bharucha would reach this limit in June 2029, potentially preventing him from completing a full three-year term.