Representative image. Adbh266, CC BY-SA 4.0, Wikimedia Commons
Why it matters
HDFC Bank is India's largest private sector lender, and its chairman, CEO, deputy MD and finance chief are all changing within about nine months. The new chief takes over as deposits shift to costlier term deposits and the bank's margin has slipped to 3.16%.
Anup Bagchi became HDFC Bank CEO and managing director (MD) on 27 October 2026, a day after Sashidhar Jagdishan left the post at the close of business on 26 October at the end of his term, according to the bank’s stock exchange filing as reported by The Hindu and ETV Bharat. The Reserve Bank of India (RBI) approved a three-year term for Bagchi, running to 26 October 2029, subject to shareholder approval, News18 reported from the bank’s filing.
Bagchi, a long-time executive of the ICICI Group (the group behind ICICI Bank), is the first outsider to lead HDFC Bank in more than three decades, The Hindu reported. He arrives at India’s largest private sector lender after a year of boardroom and management changes.
Who is the new HDFC Bank CEO, Anup Bagchi
Bagchi joined the ICICI Group in 1992 and has worked in treasury, retail and wholesale banking, investment banking and digital services, according to News18. He holds an engineering degree from the Indian Institute of Technology (IIT) Kanpur and a management degree from the Indian Institute of Management (IIM) Bangalore.
| Period | Role |
|---|---|
| 1992 | Joined the ICICI Group |
| 2017 to 2023 | Executive director, ICICI Bank (retail, business and rural banking, then wholesale banking) |
| Until May 2023 | Chairman, ICICI Prudential Asset Management Company |
| From June 2023 | Managing director and CEO, ICICI Prudential Life Insurance |
| 27 October 2026 to 26 October 2029 | Managing director and CEO, HDFC Bank (subject to shareholder approval) |
At ICICI Prudential Life, the company reported annualised premium equivalent, a common measure of new insurance sales, of ₹10,407 crore in 2024-25, up 15%, and profit after tax of ₹1,189 crore, News18 reported.
Why HDFC Bank’s top team is changing at once
The HDFC Bank CEO is not the only new face. Within about nine months, the bank’s chairman, chief executive, deputy managing director and finance chief will all have left their posts. NewsPlainly put the dates from the reports read in order:
- March 2026: part-time chairman Atanu Chakraborty resigned, saying in his letter that certain happenings and practices were not in line with his personal values and ethics, News18 reported.
- 26 October 2026: Jagdishan’s term ended.
- 27 October 2026: Bagchi took charge.
- 1 December 2026: Puneet Sharma is scheduled to take over as chief financial officer from Srinivasa Vaidyanathan, according to News18.
- 31 December 2026: Deputy Managing Director Kaizad Bharucha is set to leave; he asked for his services to end on that date, ETV Bharat reported. He joined the bank in 1995.
Jagdishan had said he was not available for an extension, The Hindu reported. The paper also reported that the bank’s own probe found shortcomings in how some large deposits were booked, with depositors paid an extra amount above the card rate under a different head.
Separately, the bank has said it is conducting an internal review into a possible leak of confidential information. “Appropriate action will be taken based on the findings, once the review is complete,” a bank spokesperson said, according to ETV Bharat. The spokesperson said the bank would not discuss the review while it was under way.
In its filing, HDFC Bank thanked Jagdishan for his strategic vision and credited him with steering the merger with HDFC Ltd, one of the largest mergers in corporate India, The Hindu and ETV Bharat reported.
What the September quarter numbers show
The new HDFC Bank CEO inherits a large but slower-growing business. Net interest income, the gap between what the bank earns on loans and pays on deposits, rose 9.7% from a year earlier to about ₹34,620 crore in July to September 2026, according to News18, CNBC-TV18 and ETV Bharat.
Reports differ on the quarter’s net profit. News18 and CNBC-TV18 gave ₹19,510 crore, up 4.7%, while ETV Bharat gave ₹19,610 crore, up 5.2%. NewsPlainly could not open the bank’s results release to settle it, so the figure is left out of the table below.
| Measure, quarter to 30 September 2026 | Figure |
|---|---|
| Total deposits | ₹33.27 lakh crore, up 18.8% |
| Gross advances (loans) | ₹32.20 lakh crore, up 16.3% |
| Low-cost CASA (current and savings account) deposits | 31.6% of total, up 10.8% |
| Term deposits | up 22.8% |
| Net interest margin | 3.16%, down from 3.26% in April to June |
| Gross NPA (bad loans) | 1.11% |
CASA deposits are usually the cheapest money a bank has. Term deposits grew about twice as fast as CASA (22.8% against 10.8%, NewsPlainly’s comparison). When a bank leans more on term deposits it may have to pay more for funds, and that can squeeze margins, CNBC-TV18 explained. ICICI Bank, Bagchi’s former employer, reported a net interest margin of 4.18% for the same quarter, the channel said, while cautioning that the two banks’ balance sheets differ. Kotak Mahindra Bank, another private lender, reported a margin of 4.31% for the quarter, NewsPlainly reported.
What the HDFC Bank CEO change means for shareholders
For holders of HDFC Bank shares, the next formal step is a vote: Bagchi’s appointment is subject to their approval, according to the filing as reported by News18. HDFC Bank shares were trading 0.07% higher at ₹688.7 on the BSE at 9.56 am on 27 October, The Hindu reported.
For customers, the reports read did not point to any change in products or rates linked to the new chief executive. Bagchi praised the bank’s existing leadership, The Hindu reported, amid market talk about whether he would keep the current team or bring in his own people.
Frequently asked questions
Who is the new HDFC Bank CEO?
Anup Bagchi, former MD and CEO of ICICI Prudential Life Insurance and an ICICI Group executive since 1992. He took charge on 27 October 2026.
How long is Anup Bagchi's term at HDFC Bank?
Three years, from 27 October 2026 to 26 October 2029, as approved by the RBI and subject to shareholder approval, News18 reported from the bank's filing.
Why did Sashidhar Jagdishan leave HDFC Bank?
His term ended on 26 October 2026. He had said he was not available for an extension, The Hindu reported.