The Reserve Bank of India has approved Anup Bagchi’s appointment for a three-year term starting October 27, 2026, succeeding Sashidhar Jagdishan.
- Bagchi would be joining from ICICI Prudential Life Insurance where he has been serving as MD & CEO since June 2023.
- He is an ICICI veteran who had joined the group way back in 1992.
- Prior to ICICI Life, he was Executive Director at ICICI Bank from 2017 to 2023, overseeing retail, business and rural banking.
- Earlier, Bagchi served as MD & CEO of ICICI Securities.
- His previous board responsibilities also included serving as Chairman of ICICI Prudential Asset Management Company until May 2023 and as Director at ICICI Prudential Pension Fund Management and ICICI Home Finance.
- Bagchi holds an engineering degree from IIT Kanpur and a management degree from IIM Bangalore.
Anup’s appointment would be looked at with keen interest by everyone. This is the first time, HDFC would be helmed by an outsider and that too from the ICICI group.
Anup no doubt is a great hire but HDFC is a complex institution with varied interests.