HDFC Bank Gets RBI Approval for Bagchi as CEO

HDFC Bank said the Reserve Bank of India has approved Anup Bagchi to become its managing director and chief executive for three years from October 27, 2026. The bank’s board has also approved his appointment, but shareholders must still approve the move before Bagchi takes up the role. He is set to succeed Sashidhar Jagdishan, whose term ends October 26. The bank said its board, acting on a recommendation from its Governance, Nomination and Remuneration Committee, approved Bagchi as an additional director effective October 2. That appointment will continue until shareholders decide on his appointment. The board also approved his planned three-year term as managing director and CEO, on terms including remuneration approved by the RBI. The shareholder decision remains a key condition of the transition. The reports did not specify when shareholders will vote. The RBI approval and board decision have therefore advanced the appointment process, but do not by themselves complete it. Jagdishan informed the board that he would not seek reappointment when his current term ends, according to the bank’s account.