Anup Bagchi, a veteran of the ICICI Group since 1992, has been appointed Managing Director and Chief Executive Officer of HDFC Bank, the country’s largest private‑sector bank. He will assume the role later this month, succeeding Sashidhar Jagdishan. The Reserve Bank of India has approved the appointment for a three‑year term beginning 27 October 2026. Bagchi is currently the Managing Director and Chief Executive Officer of ICICI Prudential Life Insurance.

Bagchi joined the ICICI Group in 1992 and rose through the ranks to become Executive Director of ICICI Bank from 2017 to 2023. During that period he oversaw retail, business and rural banking before taking charge of wholesale banking. His stewardship helped the bank become the first private‑sector lender to cross a retail mortgage portfolio of ₹2 lakh crore and to navigate the disruption caused by demonetisation with limited business impact.

Prior to his tenure at ICICI Bank, Bagchi served as CEO and Managing Director of ICICI Securities and chaired ICICI Prudential Asset Management Company until May 2023. He also held directorships on the boards of ICICI Prudential Pension Funds Management Company and ICICI Home Finance. Since taking charge of ICICI Prudential Life Insurance, he has overseen a period of strong growth, with the insurer crossing ₹10,000 crore in annualised premium equivalent for the first time in FY2025.

Under Bagchi’s leadership, ICICI Prudential Life Insurance reported an annualised premium equivalent of ₹10,407 crore in FY2025, up 15% year‑on‑year, and a profit after tax of ₹1,189 crore, rising nearly 40%. The insurer also achieved growth in protection products and new business generation, as noted in HDFC Bank’s profile of Bagchi. These results reflect a sustained expansion of the insurer’s product portfolio and market reach during his tenure.

Bagchi’s appointment comes as HDFC Bank prepares for a leadership transition after Jagdishan’s tenure ends on 26 October. The bank’s board has named him an additional director effective 2 October, pending shareholder approval, and will appoint him MD and CEO from 27 October for a three‑year term, also subject to shareholder approval. Bagchi holds a management degree from the Indian Institute of Management, Bangalore, and an engineering degree from the Indian Institute of Technology, Kanpur.