HDFC Bank has appointed Anup Bagchi as its new CEO, marking a major leadership transition at India’s largest private sector lender. Bagchi, who currently heads ICICI Prudential Life Insurance, will move to HDFC Bank after spending more than three decades across the ICICI Group, where he built experience spanning banking, capital markets, wealth management and insurance.
Anup Bagchi’s career began with chemical engineering at IIT Kanpur, but more than three decades later, it has taken him to one of the most influential jobs in Indian banking. The ICICI Group veteran has now been appointed managing director and CEO of HDFC Bank, bringing with him experience spanning retail and corporate banking, capital markets, wealth management, insurance and digital financial services.
The Reserve Bank of India has approved Bagchi’s appointment for a three-year term beginning October 27. He will succeed Sashidhar Jagdishan, whose term ends on October 26.
Bagchi’s selection is particularly significant as he becomes the first external candidate to be chosen for the top position at India’s largest private sector bank.
Bagchi graduated in chemical engineering from IIT Kanpur in 1990 before earning a management degree from IIM Bangalore.
He joined the ICICI Group in 1992 and went on to build a career across several areas of financial services, including treasury, retail banking, wholesale banking, investment banking, securities and insurance.
In 2023, IIT Kanpur recognised him with its Distinguished Alumnus Award.
One of the defining phases of Bagchi’s career came at ICICI Securities. He became managing director and CEO of the company in May 2011 after previously serving as an executive director.
During his tenure, he was involved in building businesses across:
Retail and institutional broking
Wealth management
Financial product distribution
Corporate finance
Digital financial services
Technology was also a key part of his career. Bagchi was associated with the development of ICICIdirect, the group’s online investment and trading platform, as well as ICICI Bank’s internet banking initiatives.
Bagchi later moved into a broader role at ICICI Bank, becoming an executive director.
Between 2017 and 2023, he oversaw retail, business and rural banking, giving him direct exposure to some of the most important businesses of a large commercial bank.
According to HDFC Bank, he played a role in strengthening ICICI Bank’s retail franchise while balancing growth, credit quality and costs. During this period, ICICI Bank’s retail mortgage portfolio crossed ₹2 lakh crore.
His experience also includes developing retail liabilities and distributing third-party financial products — areas that are particularly important for banks seeking to grow deposits and deepen customer relationships.
Bagchi moved to ICICI Prudential Life Insurance in 2023.
He initially joined as Executive Director and Chief Operating Officer on May 1, 2023, before taking over as Managing Director and CEO on June 19.
At the insurer, his strategy focused on understanding customer requirements and developing products around protection, retirement and long-term savings.
Technology continued to play an important role. Bagchi has spoken about the use of artificial intelligence and machine learning across areas such as customer onboarding, underwriting, risk management and servicing.
During FY2025, ICICI Prudential Life crossed ₹10,000 crore in Annualised Premium Equivalent, with APE rising 15% year-on-year to ₹10,407 crore. Profit after tax increased nearly 40% to ₹1,189 crore.
Bagchi has also been associated with regulatory and market-development initiatives.
His profile includes participation in the RBI’s expert committee on micro, small and medium enterprises as well as SEBI committees covering fintech, risk management and fair market conduct.
He has also been associated with institutions and industry bodies including FICCI, National Securities Depository and BSE advisory forums.
Bagchi will take charge of HDFC Bank at a time when the lender is navigating a major leadership transition following its merger with HDFC Ltd and dealing with issues ranging from deposit mobilisation and profitability to governance and regulatory scrutiny.
His appointment brings an executive with experience across almost every major segment of financial services — banking, broking, wealth management, digital finance and insurance — to the helm of India’s largest private sector bank.
For Bagchi, the move also marks a rare transition after more than three decades within the ICICI ecosystem: from a chemical engineering graduate who entered financial services in 1992 to the chief executive of one of India’s biggest banks.
