HDFC Bank shares traded in positive territory on Wednesday, September 23, rising 0.34% to ₹741.10 at 12:43 PM on the NSE. The scrip has rallied 3.67% in five sessions and 1.66% over the past 30 days, drawing investor attention amid the ongoing CEO succession process. The Reserve Bank of India (RBI) is reportedly seeking feedback on the candidature of Anup Bagchi, currently Managing Director and CEO of ICICI Prudential Life Insurance, as a potential successor to the bank’s chief executive.

According to news reports, HDFC Bank’s board has submitted two names to the RBI for the top post, with Bagchi and Deputy Managing Director Kaizad Bharucha emerging as the reported contenders. No final decision has been taken yet, and the RBI’s approval is closely watched by investors. The bank’s board is scheduled to meet on Saturday, October 17, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter/half‑year ending September 30, 2026.

Macquarie noted that the RBI is seeking feedback from the Insurance Regulatory and Development Authority of India (IRDAI) on Anup Bagchi’s candidature. Bagchi’s insurance experience is viewed as an addition to his banking credentials. The investment firm warned that any external CEO appointment could lead to senior management exits, making a stabilising leadership team an immediate priority for the bank’s governance structure.

In late August 2026, HDFC Bank’s managing director and chief executive Sashidhar Jagdishan opted out of being considered for reappointment after his current term ends on October 26. Jagdishan, 61, will retire from the bank on October 26 after nearly three decades at the lender. He has served two three‑year terms as CEO, having taken over from Aditya Puri in October 2020.

Jagdishan’s tenure has been marked by significant events, including the merger of mortgage major parent HDFC with the bank, which expanded the asset book but raised concerns over business performance and compressed net interest margins. Governance concerns intensified after the resignation of non‑executive chairman Atanu Chakraborty in March, citing ethics and governance issues, and after the board fined Jagdishan and other executives Rs 1 lakh each for deposit arrangement shortcomings with the Maharashtra State Road Development Corporation (MSRDC). The board said the executives’ actions were not mala fide.

Additional controversies during Jagdishan’s tenure include allegations of mis‑selling Credit Suisse’s AT‑1 bonds to diaspora clients from the bank’s Dubai DIFC branch, leading to a regulator’s prohibition on new customer onboarding. In an interview after his sudden exit, Chakraborty rued that the bank did not act in time in the AT‑1 bonds case, and that compensation practices must align with value systems to prevent mis‑selling. The bank also faced reports of non‑resident Indians being stuck with over $100 million in investments in a high‑yield product offered by Carlisle Asset Management, and a graft allegation in the Lilavati Hospitals matter, which was dismissed by the Bombay High Court.