India’s largest private bank is about to get a new boss. HDFC Bank has named Anup Bagchi as its next Managing Director and CEO, with a three-year term starting October 27, 2026. He takes over from Sashidhar Jagdishan, whose term ends on October 26. Interest in the appointment has spiked, including questions about how much the new CEO will earn. Here is everything we know so far.
The appointment at a glance
- New MD and CEO: Anup Bagchi
- Term: three years, from October 27, 2026 to October 26, 2029
- Approvals: the RBI approved the appointment and his remuneration under Section 35B of the Banking Regulation Act; HDFC Bank’s board approved it on October 1, 2026; it still needs shareholder approval
- Additional director: from October 2, 2026, until shareholders approve the appointment
- Outgoing CEO: Sashidhar Jagdishan, who told the board on August 29, 2026 that he would not seek reappointment
Who is Anup Bagchi?
Bagchi is a career banker with more than 30 years of experience across banking, capital markets, wealth management and insurance. Almost all of it has been at the ICICI Group, which he joined in 1992. That makes this move notable: one of the top leaders of HDFC Bank’s biggest private-sector rival will now run HDFC Bank.
Career highlights
- ICICI Group since 1992: roles across treasury, retail banking, wholesale banking, investment banking and digital financial services
- MD and CEO of ICICI Securities, the group’s broking and investment banking arm
- Executive Director, ICICI Bank (2017 to 2023): first overseeing retail, business and rural banking, then wholesale banking. During this period ICICI Bank became the first private-sector lender in India to cross ₹2 lakh crore in retail mortgages.
- Chairman of ICICI Prudential Asset Management Company until May 2023
- MD and CEO of ICICI Prudential Life Insurance (since June 2023): in FY2025, the insurer’s Annualised Premium Equivalent crossed ₹10,000 crore for the first time at ₹10,407 crore, up 15%, while profit after tax rose nearly 40% to ₹1,189 crore
Education
Bagchi is an engineering graduate from IIT Kanpur and holds a management degree from IIM Bangalore.
What will Anup Bagchi’s salary be?
This is the question many people are searching for, and the honest answer is that the figure has not been made public yet. HDFC Bank’s stock exchange filing only says his pay will be on terms “as approved by the RBI”. The exact numbers are likely to appear in the shareholder notice seeking approval for his appointment, or in the bank’s next annual report.
For context, outgoing CEO Sashidhar Jagdishan’s total pay for FY2025-26 was reported at about ₹15.13 crore. Pay for private bank CEOs in India is tightly regulated by the RBI, including limits on variable pay and rules on deferral and clawback, so any package will follow that framework.
What challenges will he face?
Bagchi takes charge of a bank that is still settling into its much bigger shape after the 2023 merger with its parent, HDFC Ltd. Some of the priorities analysts commonly point to:
- Deposits versus loans: the merger brought in a large loan book, and growing deposits fast enough to fund it has been a key focus.
- Growth and margins: keeping loan growth healthy without hurting profitability.
- Digital banking: competing with nimble fintechs and rivals on technology and customer experience.
- Stock performance: investors will be watching whether new leadership can lift sentiment around India’s most valuable bank.
His wide experience across retail, wholesale, markets and insurance is seen as a good fit for a bank that spans all of these businesses.
What it means for HDFC Bank customers
For everyday customers, nothing changes immediately. Your accounts, cards, loans and branch services continue as normal. Any shifts in strategy, products or digital services will play out over months and years, not days.
Key dates to remember
- October 1, 2026: board approval and RBI nod announced
- October 2, 2026: Bagchi joins the board as additional director
- October 26, 2026: Jagdishan’s term ends
- October 27, 2026: Bagchi takes over as MD and CEO
Sources: HDFC Bank’s stock exchange filing and reporting by Business Today and other outlets. We will update this article when Bagchi’s remuneration is disclosed.
