HDFC Bank appoints Bagchi CEO for three-year term

HDFC Bank’s outgoing MD and CEO Shashidhar Jagdishan said on October 18 that Anup Bagchi will take over for a three-year term from October 27, a Business Standard news article reported.

The October 18 news article said the change ends Jagdishan’s six-year tenure at India’s biggest private-sector bank, placing Bagchi in charge after a period shaped by regulatory curbs, Covid-19 and a major merger.

Jagdishan made the comments on his final analyst call after HDFC Bank’s Q2FY27 earnings. “I am leaving behind a solid platform which has demonstrated strength and resilience to navigate regulatory embargoes and the unprecedented Covid event, a large complex merger when the economic outlook warranted monetary tightening, and other governance matters of the recent past having been settled completely,” he said on the call, according to Business Standard.

Bagchi, the incoming MD and CEO, said his long-term goal is to deliver sustainable value for shareholders, employees and clients while keeping attention on disciplined growth and governance, Business Standard reported.

The transition comes during a wider leadership reset at HDFC Bank. Atlas360 reported on October 17 that deputy MD Kaizad Bharucha plans to leave on December 31, 2026, subject to Reserve Bank of India approval before the resignation takes effect.

Investor attention had already turned to the succession. Atlas360 reported on August 31 that HDFC Bank shares climbed more than 2% as brokerages weighed whether the CEO change could reshape the bank’s investment case after the HDFC Ltd. merger.

Bagchi’s three-year term is scheduled to begin on October 27.