Anup Bagchi has been appointed as MD & CEO of HDFC Bank. Mr. Shashidhar Jagdishan will complete his tenure as the MD & CEO of the Bank at the close of business hours of October 26, 2026.
Profile of Anup Bagchi
Mr. Anup Bagchi is a seasoned financial services leader with over three decades of experience across banking, capital markets, wealth management and insurance. A member of the ICICI Group since 1992, he has built a diverse career spanning treasury, retail banking, wholesale banking, investment banking, and digital financial services. Over the course of his career, he has held several pivotal leadership positions, including CEO & MD of ICICI Securities, Executive Director of ICICI Bank, and currently MD & CEO of ICICI Prudential Life Insurance. His career reflects a strong track record of business building, strategic leadership, and navigating the evolving financial services landscape.
Mr. Bagchi served as Executive Director of ICICI Bank from 2017 to 2023, overseeing Retail, Business and Rural Banking, and subsequently Wholesale Banking. During his tenure, he played a key role in strengthening the bank’s retail franchise, driving profitable growth while maintaining credit and cost discipline. Under his leadership, ICICI Bank became the first private-sector bank in India to surpass a retail mortgage portfolio of Rs. 2 trillion and successfully navigated the demonetisation period with limited business disruption. Alongside his executive responsibilities, he served as Chairman of ICICI Prudential Asset Management Company until May 2023 and was a Director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.
Since June 2023, Mr. Bagchi has been serving as MD & CEO of ICICI Prudential Life Insurance, leading one of India’s largest private life insurers, which is publicly listed. Under his leadership, the company crossed Rs. 10,000 crore in Annualised Premium Equivalent (APE) for the first time in FY2025, with APE growing 15% year-on-year to Rs. 10,407 crore and profit after tax increasing nearly 40% to Rs. 1,189 crore. The business has also delivered strong growth in protection products and new business generation, reflecting his focus on sustainable and profitable expansion.
Mr. Anup Bagchi holds Management degree from Indian Institute of Management, Bangalore and an Engineering degree from Indian Institute of Technology, Kanpur.
