Anup Bagchi appointed CEO and MD of HDFC Bank, succeeding Sashidhar Jagdishan

HDFC Bank confirmed that Anup Bagchi has assumed the roles of managing director and chief executive, succeeding Sashidhar Jagdishan who vacated the post after completing his term. Bagchi, a veteran of the ICICI Group and former head of ICICI Prudential Life Insurance, becomes the first external leader in the bank's three-decade existence. The transition occurs as the lender faces challenges in core income growth and margins, and as the integration of its 2023 merger with parent HDFC housing finance is still pending.

Bagchi said he will engage with all stakeholders to better understand the institution. The bank also noted the upcoming retirement of deputy managing director Kayezad Bharucha by December, while Jagdishan had declined an extension amid a probe that found deposit-booking irregularities and resulted in a fine. The recent resignation of non-executive chairman Atanu Chakraborty earlier this year highlighted governance issues at the bank.