An engineer by education, Anup Bagchi has spent more than three decades building a career in financial services. Now, the ICICI Group veteran is set to lead HDFC Bank, India's largest private sector lender, from October 27, 2026. His appointment marks a major leadership change at the bank, where he will succeed Sashidhar Jagdishan. Here are five things to know about the banker and his journey to the top job:
1. He studied engineering before entering banking
Bagchi graduated in chemical engineering from the Indian Institute of Technology (IIT), Kanpur, before pursuing a management degree from the Indian Institute of Management (IIM), Bangalore. His career eventually took him into banking and financial services, where he worked across several businesses.
His journey from an engineering classroom to the top job at one of India's biggest banks is one of the notable aspects of his professional background.
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2. He has spent over three decades with the ICICI Group
Bagchi joined the ICICI Group in 1992. Over the years, he worked across different areas of financial services, including retail banking, treasury, investment banking and digital financial services.
{{/usCountry}}Bagchi joined the ICICI Group in 1992. Over the years, he worked across different areas of financial services, including retail banking, treasury, investment banking and digital financial services.
{{/usCountry}}His career has taken him through several leadership roles, giving him experience in businesses that serve individual customers as well as companies. HDFC Bank's official profile provides details of his career.
3. He has led both a brokerage and a bank
Before taking charge of ICICI Prudential Life Insurance, Bagchi served as managing director and chief executive officer of ICICI Securities. He later became an executive director at ICICI Bank, a position he held from 2017 to 2023.
At ICICI Bank, his responsibilities included retail, business and rural banking, followed by wholesale banking. These roles gave him experience across different parts of the financial services industry.
4. He is moving from insurance back to banking
Since June 2023, Bagchi has headed ICICI Prudential Life Insurance, now known as ICICI Life Insurance. His appointment at HDFC Bank will bring him back to the banking sector after more than three years leading an insurer.
The move also makes his career path unusual: he has held senior leadership positions across a brokerage, a bank and a life insurance company before taking charge of HDFC Bank.
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5. His reported pay package has drawn attention
Bagchi's appointment has also made headlines because of his proposed remuneration. According to a Reuters report published on October 8, his annual compensation is expected to be around $3.7 million, or approximately ₹32 crore, based on regulatory disclosures. A separate one-time joining bonus could raise his first-year package further.
The figures include components beyond fixed salary, so they should not be read as a monthly take-home amount.
From building a career across the ICICI Group to taking the helm at HDFC Bank, Bagchi's next role marks a significant milestone in his banking career.