Anup Bagchi Takes Charge as HDFC Bank MD and CEO After Sashidhar Jagdishan’s Tenure Ends

The change follows the completion of Sashidhar Jagdishan’s tenure. In a regulatory filing, the bank said Jagdishan vacated office at the close of business on October 26, while Bagchi took over the following day.

The lender thanked Jagdishan for his strategic vision and commitment, crediting his leadership with strengthening the bank’s performance, organisational culture and customer-centric approach. It also acknowledged his role in completing one of corporate India’s largest mergers.

Leadership change amid mixed quarterly earnings

Bagchi takes charge as the lender navigates a mixed earnings environment, with profit growth accompanied by pressure on some key financial metrics.

Earlier this month, HDFC Bank reported a net profit of ₹19,610 crore for the second quarter of the financial year 2026-27, marking a 5.2 per cent increase year-on-year. However, the result fell short of analysts’ expectations.

Net interest income (NII), which represents the difference between interest earned and interest paid, rose 9.7 per cent year-on-year to ₹34,619 crore, below the estimated ₹34,991 crore. The bank’s net interest margin (NIM) stood at 3.16 per cent.

HDFC Bank had attributed the pressure on its quarterly performance to higher provisions and softer-than-expected net interest income, even as it recorded growth in loans and deposits.

Internal review into possible information leak

The leadership transition comes as the bank conducts an internal review into a possible leak of confidential information.

In a statement, a bank spokesperson said the review was underway to establish the relevant facts and assess the circumstances surrounding the matter.

“In line with our policies, an internal review into this matter is currently underway to gather and evaluate all relevant facts,” the spokesperson said.

The bank added that it would not comment further while the review remained in progress, citing the need to protect the process and the privacy of those involved. It said appropriate action would be considered after the review was completed.

The clarification followed media reports earlier in October claiming that an internal probe had found two senior executives had disclosed confidential information. The bank’s public statement confirmed that a review was underway but did not disclose its findings.

Further changes in the bank’s leadership

HDFC Bank has also experienced other senior-level changes this year.

In March, then-chairman Atanu Chakraborty resigned, citing differences between his personal values and certain practices at the bank.

Deputy Managing Director Kaizad Bharucha has also sought to step down, with his cessation of services requested to take effect from the close of business on December 31.

Bagchi’s appointment marks another transition in the lender’s leadership as it works to sustain growth, manage profitability and maintain investor confidence amid organisational changes and scrutiny over internal processes.