Anup Bagchi Takes the Helm at HDFC for Three Years After Reserve Bank of India Approval

Key Facts

Anup Bagchi began his 3-year term as managing director and chief executive of HDFC Bank on October 27, 2026, after Sashidhar Jagdishan’s tenure ended at the close of the previous business day. The bank said in a formal filing with the U.S. Securities and Exchange Commission that the Reserve Bank of India approved the appointment on October 1. Bagchi is the bank’s first chief executive to come from outside the bank, according to a Reuters report. The leadership change brings a new leader to the bank at a time when other management transitions coincide with a slowdown in some revenue sources. His term also begins after quarterly results showed annual profit growth but fell short of analyst estimates.

Standalone net profit was 195.10 billion rupees in the quarter ended September 30, 2026, compared with 186.41 billion rupees in the same period a year earlier. Analysts had forecast profit of 195.26 billion rupees, leaving the result slightly below their estimates. On core revenue, net interest income rose 9.7% to 346.19 billion rupees in the second quarter. Loans grew 16.3% and deposits 18.8% year over year, according to Reuters. The figures show growth in lending and deposits alongside higher interest income, while net profit remained below expectations.

By contrast, treasury trading gains fell to 7.8 billion rupees in the second quarter, from 23.9 billion rupees a year earlier. The gross non-performing loan ratio declined to 1.11% at the end of September, from 1.17% at the end of June. These indicators give the new management a picture combining growth in loans and deposits, lower treasury gains and a slight improvement in the non-performing loan ratio compared with the end of the previous quarter. Bagchi began his career with the ICICI Group in 1992, with experience spanning treasury, retail and corporate banking, investment banking and digital financial services. His previous roles included chairing ICICI Securities, serving as an executive director at ICICI Bank and chairing ICICI Life, according to the biography published on HDFC Bank’s website.

Bagchi said he would listen to regulators, customers and stakeholders before setting the bank’s priorities, according to a report by The Economic Times. That puts consultations at the forefront of his first steps, without the report specifying a final operational agenda. The leadership transition also includes the departure of Deputy Managing Director Kaizad Bharucha at the end of December, according to Reuters. A Reuters report on Bagchi’s proposed compensation package also said the shareholder postal ballot was scheduled to close on November 6, and that approval of the package requires their consent. In the market, the bank’s American depositary receipts rose 4.1% on October 1, after the Reserve Bank of India approved Bagchi’s appointment.