HDFC Bank receives approval for Anup Bagchi as CEO

Sashidhar Jagdishan’s tenure ends October 26, 2026, and Bagchi’s approved three-year CEO term begins the following day.

Rhea-AI Filing Summary

HDFC Bank (HDB) said the Reserve Bank of India approved Anup Bagchi’s appointment as managing director and chief executive officer, including his remuneration, for a three-year term beginning October 27, 2026. The board also approved his appointment as an additional director effective October 2, 2026. Sashidhar Jagdishan’s tenure as managing director and chief executive officer ends at the close of business on October 26, 2026.

Bagchi is currently managing director and chief executive officer of ICICI Prudential Life Insurance and previously served as an executive director of ICICI Bank. For FY2025, ICICI Prudential Life Insurance reported annualised premium equivalent of Rs. 10,407 crore, up 15% year over year, and profit after tax of Rs. 1,189 crore, up nearly 40%.

Key Figures

CEO term: 3 years Annualised Premium Equivalent: Rs. 10,407 crore APE growth: 15% +2 more

5 metrics

CEO term 3 years RBI-approved term from October 27, 2026, through October 26, 2029.

Annualised Premium Equivalent Rs. 10,407 crore ICICI Prudential Life Insurance, FY2025; up 15% year over year.

APE growth 15% ICICI Prudential Life Insurance, FY2025 year over year.

Profit after tax Rs. 1,189 crore ICICI Prudential Life Insurance, FY2025; increased nearly 40%.

Profit after tax increase Nearly 40% ICICI Prudential Life Insurance, FY2025.

Key Terms

Annualised Premium Equivalent (APE), Additional Director, not liable to retire by rotation, Section 35B of the Banking Regulation Act, 1949

4 terms

Annualised Premium Equivalent (APE) financial

"Annualised Premium Equivalent (APE) for the first time in FY2025"

Additional Director regulatory

"Additional Director of the Bank w. October 2, 2026"

not liable to retire by rotation regulatory

"not liable to retire by rotation"

Section 35B of the Banking Regulation Act, 1949 regulatory

"under Section 35B of the Banking Regulation Act, 1949"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who is HDB’s incoming CEO?

Anup Bagchi is appointed HDFC Bank’s managing director and chief executive officer for a three-year term beginning October 27, 2026, after Sashidhar Jagdishan completes his tenure at the close of business on October 26, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/02/2026 - 06:05 AM Accepted by SEC EDGAR 10/02/2026 - 06:01 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under the

Securities Exchange Act of 1934

For the month of October 2026

Commission File Number 001-15216

HDFC BANK LIMITED

(Translation of registrant’s name into English)

HDFC Bank House, Senapati Bapat Marg,

Lower Parel, Mumbai. 400 013, India

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				HDFC BANK LIMITED
				(Registrant)
Date: October 1, 2026				By:		/s/ Ajay Agarwal
				Name: Ajay Agarwal
				Title:   Company Secretary
				Group Head – Secretarial & Group Oversight

EXHIBIT INDEX

The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this report pursuant to the General Instructions for Form 6-K.

Exhibit No. 99

Description

Appointment of Mr. Anup Bagchi as an Additional Director and as the Managing Director & Chief Executive Officer of HDFC Bank Limited (‘the Bank’) in place of Mr. Sashidhar Jagdishan

Exhibit 99

October 1, 2026

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Sub: Appointment of Mr. Anup Bagchi as an Additional Director and as the Managing Director & Chief Executive Officer of HDFC Bank Limited (‘the Bank’) in place of Mr. Sashidhar Jagdishan

In furtherance to our intimation dated September 12, 2026, we wish to inform you that pursuant to an application made by the Bank to the Reserve Bank of India (“RBI”), the RBI vide its communication dated October 1, 2026, has approved appointment of Mr. Anup Bagchi (DIN: 00105962) as the Managing Director & Chief Executive Officer (“MD & CEO”) of the Bank and the remuneration payable to him, under Section 35B of the Banking Regulation Act, 1949 for a period of 3 (three) years with effect from October 27, 2026.

Consequently, the Board of Directors of the Bank, based on the recommendation of the Governance, Nomination and Remuneration Committee, at its meeting held today i.e. October 1, 2026 approved the following:

a. appointment of Mr. Anup Bagchi as an Additional Director of the Bank w.e.f. October 2, 2026 till the date of approval of the shareholders as per the provisions of Companies Act, 2013; and

b. appointment of Mr. Anup Bagchi as the MD & CEO of the Bank on such terms and conditions including remuneration, as approved by the RBI, for a period of 3 (three) years with effect from October 27, 2026, subject to approval of the shareholders as per the provisions of Companies Act, 2013.

A brief profile of Mr. Anup Bagchi is enclosed herewith as Annexure I.

Mr. Anup 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.

Further details are enclosed herewith as Annexure II.

You are requested to kindly take the above on your record.

Yours faithfully,

For HDFC Bank Limited

Sd/-

Ajay Agarwal

Company Secretary

Group Head – Secretarial & Group Oversight

Annexure I

Profile of Mr. Anup Bagchi

Mr. Anup Bagchi is a seasoned financial services leader with over three decades of experience across banking, capital markets, wealth management and insurance. A member of the ICICI Group since 1992, he has built a diverse career spanning treasury, retail banking, wholesale banking, investment banking, and digital financial services. Over the course of his career, he has held several pivotal leadership positions, including CEO & MD of ICICI Securities, Executive Director of ICICI Bank, and currently MD & CEO of ICICI Prudential Life Insurance. His career reflects a strong track record of business building, strategic leadership, and navigating the evolving financial services landscape.

Mr. Bagchi served as Executive Director of ICICI Bank from 2017 to 2023, overseeing Retail, Business and Rural Banking, and subsequently Wholesale Banking. During his tenure, he played a key role in strengthening the bank’s retail franchise, driving profitable growth while maintaining credit and cost discipline. Under his leadership, ICICI Bank became the first private-sector bank in India to surpass a retail mortgage portfolio of Rs. 2 trillion and successfully navigated the demonetisation period with limited business disruption. Alongside his executive responsibilities, he served as Chairman of ICICI Prudential Asset Management Company until May 2023 and was a Director of ICICI Prudential Pension Funds Management Company and ICICI Home Finance.

Since June 2023, Mr. Bagchi has been serving as MD & CEO of ICICI Prudential Life Insurance, leading one of India’s largest private life insurers, which is publicly listed. Under his leadership, 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. The business has also delivered strong growth in protection products and new business generation, reflecting his focus on sustainable and profitable expansion.

Mr. Anup Bagchi holds Management degree from Indian Institute of Management, Bangalore and an Engineering degree from Indian Institute of Technology, Kanpur.

Annexure II

Sr. No.		Particulars		Mr. Sashidhar Jagdishan		Mr. Anup Bagchi
1.		Reason for Change viz. appointment, re-appointment, resignation, removal, death or otherwise		Mr. Sashidhar Jagdishan will complete his tenure as the MD & CEO of the Bank at the close of business hours of October 26, 2026.		Consequent to the retirement of Mr. Sashidhar Jagdishan as the MD & CEO of the Bank at the close of business hours of October 26, 2026, and receipt of RBI approval, Mr. Anup Bagchi is appointed as MD & CEO of the Bank w.e.f. October 27, 2026.
2.		Date of appointment/ reappointment/ cessation (as applicable) & term of appointment/re-appointment		Mr. Sashidhar Jagdishan will complete his tenure as MD & CEO of the Bank on close of business hours of October 26, 2026.		Mr. Anup Bagchi is appointed as: a.   Additional Director of the Bank w.e.f. October 2, 2026; and b.  MD & CEO of the Bank for a period of 3 years w.e.f. October 27, 2026 to October 26, 2029 on such terms and conditions including remuneration, as approved by the RBI, not liable to retire by rotation.
3.		Brief profile (in case of appointment)		Not Applicable		As provided in Annexure I.
4.		Disclosure of relationships between directors (in case of appointment of a director)		Not Applicable		Not related to any other Director or Key Managerial Personnel of the Bank.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99 EX-99 15.5 KB