Scrip Symbol / Code: 500180 (BSE), HDFCBANK (NSE)

Date: October 1, 2026

Change in Director / Key Managerial Personnel

  • Nature of change: Appointment of Mr. Anup Bagchi as Additional Director and Managing Director & Chief Executive Officer (MD & CEO) in place of Mr. Sashidhar Jagdishan
  • Name and DIN: Mr. Anup Bagchi (DIN: 00105962)
  • Effective dates and tenure:
  • Appointed as Additional Director effective October 2, 2026 until shareholder approval
  • Appointed as MD & CEO for a period of 3 years effective October 27, 2026 to October 26, 2029
  • Brief profile: Mr. Anup Bagchi is a seasoned financial services leader with over three decades of experience across banking, capital markets, wealth management and insurance. He was a member of the ICICI Group since 1992, holding pivotal leadership positions including CEO & MD of ICICI Securities, Executive Director of ICICI Bank, and currently MD & CEO of ICICI Prudential Life Insurance. He holds a Management degree from Indian Institute of Management, Bangalore and an Engineering degree from Indian Institute of Technology, Kanpur.
  • Under his leadership at ICICI Prudential Life Insurance, the company crossed Rs. 10,000 crore in Annualised Premium Equivalent (APE) for the first time in FY2025, with APE growing 15% year-on-year to Rs. 10,407 crore and profit after tax increasing nearly 40% to Rs. 1,189 crore.
  • At ICICI Bank as Executive Director (2017-2023), he oversaw Retail, Business and Rural Banking, and subsequently Wholesale Banking, helping the bank become the first private-sector bank in India to surpass a retail mortgage portfolio of Rs. 2 trillion.
  • Confirmation of eligibility: Mr. Bagchi is not related to any other Director or Key Managerial Personnel of the Bank and is not debarred from holding the office of an Additional Director/Director by virtue of any SEBI order or any other such authority.
  • Previous KMP: Mr. Sashidhar Jagdishan will complete his tenure as MD & CEO of the Bank at the close of business hours of October 26, 2026.

Key Financial or Operational Approvals

  • The Reserve Bank of India approved Mr. Anup Bagchi's appointment as MD & CEO and the remuneration payable to him under Section 35B of the Banking Regulation Act, 1949 vide communication dated October 1, 2026.
  • The Board of Directors of the Bank, based on the recommendation of the Governance, Nomination and Remuneration Committee, at its meeting held on October 1, 2026 approved:
  • Appointment of Mr. Anup Bagchi as an Additional Director of the Bank w.e.f. October 2, 2026 till shareholder approval
  • Appointment of Mr. Anup Bagchi as MD & CEO for 3 years with effect from October 27, 2026, on terms and conditions including remuneration as approved by RBI

Strategic or Business Context

No specific business outlook, risks, trends, or macro/micro developments were disclosed in this appointment notification.

Any Other Material Information

  • The appointment is subject to approval of shareholders as per the provisions of Companies Act, 2013.
  • The disclosure is made under Regulation 30 read with Clause 7 of Paragraph A of Part A of Schedule III to the SEBI Listing Regulations read with SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.
  • The notification was also sent to New York Stock Exchange and Singapore Exchange Securities Trading Limited.