Anup Bagchi takes charge as HDFC Bank MD and CEO: Tracing the banking veteran’s career and achievements at ICICI

Anup Bagchi, an ICICI Bank veteran, has been appointed by the HDFC Bank as its MD and CEO, India's biggest private lender announced on Thursday after receiving approval for his appointment from the Reserve Bank of India.

Bagchi will be succeeding Sashidhar Jagdishan, whose ​term comes to an end on October 26.

HDFC Bank said the RBI approved Bagchi's appointment as MD and CEO as well as the remuneration payable to him under Section 35B of the Banking Regulation Act, 1949.

Quick answers to key questions

•5 QUESTIONS

Who is Anup Bagchi and what is his background?⌵

Anup Bagchi is the newly appointed MD and CEO of HDFC Bank, previously serving as MD and CEO of ICICI Prudential Life Insurance. He has held various senior positions across the ICICI Group since 1992, with experience in banking, corporate finance, and regulatory committees.

What are the key challenges Anup Bagchi will face as HDFC Bank's CEO?⌵

Bagchi will need to address increasing core income amid pressure on net interest margins and tackle issues of product mis-selling, as well as managing the bank's former reputation for consistent performance.

Why was Anup Bagchi chosen as the CEO of HDFC Bank?⌵

Bagchi's extensive experience in banking and financial services, along with his successful tenure at ICICI, positioned him as a strong candidate to lead HDFC Bank through its current challenges and restore investor confidence.

How long will Anup Bagchi serve as the CEO of HDFC Bank?⌵

Anup Bagchi has been appointed as CEO of HDFC Bank for a three-year term, effective from October 27, 2026.

What previous roles did Anup Bagchi hold at ICICI Bank?⌵

Before joining HDFC Bank, Bagchi served as Executive Director at ICICI Bank, overseeing areas such as wholesale banking, transaction banking, and proprietary trading, and was instrumental in the growth of retail financial services.

Challenges awaiting Bagchi include increasing core income, as net interest margins continue to be under pressure and curbing instances of product mis-selling, according to watchers, Reuters reported.

Bagchi had been serving as the CEO of ICICI Prudential Life Insurance before his appointment with HDFC Bank.

Here we trace his journey and achievements at ICICI bank

Bagchi's journey with ICICI Limited began in 1992, and over the last almost quarter of a century, he has served in various positions across the ICICI Group, in areas like banking, corporate and investment banking, and treasury.

ICICI says on its website that during his stint with ICICI Securities, Bagchi was the man behind the growth of its retail and institutional broking, retail financial product distribution, wealth management, as well as corporate finance business.

He had also leveraged technology to create value for the ICICI Group and its clients (in retail and corporate as well as institutional clients).

Bagchi was behind the development of ICICI's online trading platform, the banking platform of ICICI Bank, as well as the bank's growth in retail liabilities and third party product distribution.

Before be was appointed the Managing Director & CEO of ICICI Prudential, he was non-executive director of the company since October 2018. Bagchi was also the Executive Director of ICICI Bank since 2017 February during which he headed the Wholesale Baking, Transaction Banking, Markets Group, and Proprietary Trading Group.

He also represented the ICICI Group in a number of regulatory committees of bodies like the RBI and SEBI. Bagchi was a member of the central bank's Expert Committee on ‘Micro, Small and Medium Enterprises’ and of SEBI’s Committee on ‘Financial and Regulatory Technologies’ (CFRT).

Bagchi was also a part of the National Securities Depository Ltd's (NSDL) Executive Committee and SEBI's the Advisory Committee of BSE, and was the co-chairman of FICCI's Capital Markets Committee, besides holding several other positions with regulatory bodies over the years.