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What is the story about?
HDFC Bank has undergone a major transformation since Aditya Puri stepped down as managing director and CEO in October 2020.
The lender has changed leadership, faced a major technology-related regulatory setback, completed the landmark merger with Housing Development Finance Corporation (HDFC) Ltd and, more recently, dealt with questions around governance and succession.
Here is a timeline of the key events that have shaped HDFC Bank since the end of the Puri era.
October 2020: Aditya Puri steps down as HDFC Bank’s managing director and CEO after more than two decades at the helm. Sashidhar Jagdishan, a veteran HDFC Bank executive and its then chief financial officer, takes over as MD & CEO on October 27.
December 2020: Following repeated outages affecting the bank’s digital services, the Reserve Bank of India (RBI) directs the bank to temporarily halt the launch of new digital business-generating activities under Digital 2.0 and sourcing of new credit-card customers. The regulator also orders an audit of the bank’s IT systems.
August 2021: RBI allows HDFC Bank to resume sourcing new credit-card customers, although restrictions on some Digital 2.0 initiatives remain.
March 2022: RBI lifts the remaining restrictions on HDFC Bank’s new business-generating activities under Digital 2.0, bringing the major regulatory overhang from the technology outages to an end.
April 2022: HDFC Bank announces its proposed merger with HDFC Ltd. The deal is set to bring HDFC Ltd’s mortgage business into the bank and create a significantly larger financial-services institution.
July 2023: The HDFC Ltd merger becomes effective on July 1. HDFC Bank emerges with a significantly larger balance sheet and HDFC Ltd’s mortgage business. Following the merger, deposit mobilisation, the credit-deposit ratio, margins and returns become key areas of focus for investors.
October 2023: RBI approves Jagdishan’s reappointment as MD & CEO for another three-year term, taking him through October 26, 2026.
March 2026: HDFC Bank’s part-time chairman Atanu Chakraborty resigns with immediate effect. In his resignation letter, Chakraborty says certain “happenings and practices” he had observed were not in line with his personal values and ethics. His exit triggers questions around governance and Jagdishan’s future at the bank.
March 2026: RBI says it has no material concerns regarding HDFC Bank’s governance or conduct, describing the lender as a systemically important bank with sound financials, a professionally run board and competent management.
March 2026: Jagdishan says he is willing to continue as MD & CEO, with the decision to be taken through the bank’s board and RBI approval process.
June 2026: HDFC Bank appoints former NITI Aayog vice chairman Rajiv Kumar as an additional independent director and designates him as part-time chairman, subject to RBI approval.
June 2026: HDFC Bank appoints Puneet Sharma, formerly Axis Bank’s chief financial officer, as CFO-designate. He is set to take over as CFO from December 1, 2026.
July 2026: RBI approves Rajiv Kumar’s appointment as HDFC Bank’s part-time chairman for three years.
July 2026: HDFC Bank’s board takes disciplinary action against Jagdishan and two other senior executives following an internal review into arrangements involving the Maharashtra State Road Development Corporation. Jagdishan, the CFO and another senior executive receive warning letters and a ₹1 lakh monetary penalty each.
August 2026: Jagdishan informs the HDFC Bank board that he will not seek reappointment as MD & CEO. The board says it tried to persuade him to reconsider, but he maintained his decision. He will retire from the bank on October 26, 2026, when his current term ends.
September 2026: HDFC Bank’s board submits two names, in order of preference, to RBI for the MD & CEO position, seeking approval for a three-year term. The bank does not officially disclose the names.
September 2026: CNBC-TV18 reports that the two names submitted to RBI are Kaizad Bharucha, HDFC Bank’s deputy managing director, and Anup Bagchi, then MD & CEO of ICICI Prudential Life Insurance.
October 1, 2026: HDFC Bank appoints Anup Bagchi as its next MD & CEO after receiving RBI approval. Bagchi will take charge from October 27, 2026, for a three-year term, succeeding Jagdishan.
October 2, 2026: Bagchi will join HDFC Bank’s board as an additional director, ahead of taking charge as MD & CEO later in the month.
Anup Bagchi gets the top job
The succession question at HDFC Bank has now been settled, with Anup Bagchi appointed as the bank’s next MD & CEO. He will take charge from October 27, a day after Jagdishan’s current term ends.
Bagchi brings more than three decades of experience across banking and financial services. He joined the ICICI Group in 1992 and has held senior roles across retail, MSME and corporate banking, treasury, markets, credit policy and other financial services businesses. He has also served as MD & CEO of ICICI Securities and as Executive Director at ICICI Bank.
Bagchi has been MD & CEO of ICICI Prudential Life Insurance since 2023. His appointment brings an external executive to HDFC Bank’s top job at a time when the lender continues to focus on deposit growth, funding costs, loan growth, margins and returns following the HDFC Ltd merger.
What next for HDFC Bank?
With the leadership transition settled, attention will now shift to Bagchi’s priorities for HDFC Bank’s next phase.
The bank will continue to navigate the challenges and opportunities created by its enlarged balance sheet following the HDFC Ltd merger, with deposit mobilisation, loan growth, margins, funding costs and returns remaining key areas of focus.
Bagchi’s appointment also marks a return to mainstream banking after his stint at ICICI Prudential Life, bringing experience across retail and corporate banking, markets, treasury and insurance to HDFC Bank’s top job.
The lender has changed leadership, faced a major technology-related regulatory setback, completed the landmark merger with Housing Development Finance Corporation (HDFC) Ltd and, more recently, dealt with questions around governance and succession.
Here is a timeline of the key events that have shaped HDFC Bank since the end of the Puri era.
October 2020: Aditya Puri steps down as HDFC Bank’s managing director and CEO after more than two decades at the helm. Sashidhar Jagdishan, a veteran HDFC Bank executive and its then chief financial officer, takes over as MD & CEO on October 27.
December 2020: Following repeated outages affecting the bank’s digital services, the Reserve Bank of India (RBI) directs the bank to temporarily halt the launch of new digital business-generating activities under Digital 2.0 and sourcing of new credit-card customers. The regulator also orders an audit of the bank’s IT systems.
August 2021: RBI allows HDFC Bank to resume sourcing new credit-card customers, although restrictions on some Digital 2.0 initiatives remain.
March 2022: RBI lifts the remaining restrictions on HDFC Bank’s new business-generating activities under Digital 2.0, bringing the major regulatory overhang from the technology outages to an end.
April 2022: HDFC Bank announces its proposed merger with HDFC Ltd. The deal is set to bring HDFC Ltd’s mortgage business into the bank and create a significantly larger financial-services institution.
July 2023: The HDFC Ltd merger becomes effective on July 1. HDFC Bank emerges with a significantly larger balance sheet and HDFC Ltd’s mortgage business. Following the merger, deposit mobilisation, the credit-deposit ratio, margins and returns become key areas of focus for investors.
October 2023: RBI approves Jagdishan’s reappointment as MD & CEO for another three-year term, taking him through October 26, 2026.
March 2026: HDFC Bank’s part-time chairman Atanu Chakraborty resigns with immediate effect. In his resignation letter, Chakraborty says certain “happenings and practices” he had observed were not in line with his personal values and ethics. His exit triggers questions around governance and Jagdishan’s future at the bank.
March 2026: RBI says it has no material concerns regarding HDFC Bank’s governance or conduct, describing the lender as a systemically important bank with sound financials, a professionally run board and competent management.
March 2026: Jagdishan says he is willing to continue as MD & CEO, with the decision to be taken through the bank’s board and RBI approval process.
June 2026: HDFC Bank appoints former NITI Aayog vice chairman Rajiv Kumar as an additional independent director and designates him as part-time chairman, subject to RBI approval.
June 2026: HDFC Bank appoints Puneet Sharma, formerly Axis Bank’s chief financial officer, as CFO-designate. He is set to take over as CFO from December 1, 2026.
July 2026: RBI approves Rajiv Kumar’s appointment as HDFC Bank’s part-time chairman for three years.
July 2026: HDFC Bank’s board takes disciplinary action against Jagdishan and two other senior executives following an internal review into arrangements involving the Maharashtra State Road Development Corporation. Jagdishan, the CFO and another senior executive receive warning letters and a ₹1 lakh monetary penalty each.
August 2026: Jagdishan informs the HDFC Bank board that he will not seek reappointment as MD & CEO. The board says it tried to persuade him to reconsider, but he maintained his decision. He will retire from the bank on October 26, 2026, when his current term ends.
September 2026: HDFC Bank’s board submits two names, in order of preference, to RBI for the MD & CEO position, seeking approval for a three-year term. The bank does not officially disclose the names.
September 2026: CNBC-TV18 reports that the two names submitted to RBI are Kaizad Bharucha, HDFC Bank’s deputy managing director, and Anup Bagchi, then MD & CEO of ICICI Prudential Life Insurance.
October 1, 2026: HDFC Bank appoints Anup Bagchi as its next MD & CEO after receiving RBI approval. Bagchi will take charge from October 27, 2026, for a three-year term, succeeding Jagdishan.
October 2, 2026: Bagchi will join HDFC Bank’s board as an additional director, ahead of taking charge as MD & CEO later in the month.
Anup Bagchi gets the top job
The succession question at HDFC Bank has now been settled, with Anup Bagchi appointed as the bank’s next MD & CEO. He will take charge from October 27, a day after Jagdishan’s current term ends.
Bagchi brings more than three decades of experience across banking and financial services. He joined the ICICI Group in 1992 and has held senior roles across retail, MSME and corporate banking, treasury, markets, credit policy and other financial services businesses. He has also served as MD & CEO of ICICI Securities and as Executive Director at ICICI Bank.
Bagchi has been MD & CEO of ICICI Prudential Life Insurance since 2023. His appointment brings an external executive to HDFC Bank’s top job at a time when the lender continues to focus on deposit growth, funding costs, loan growth, margins and returns following the HDFC Ltd merger.
What next for HDFC Bank?
With the leadership transition settled, attention will now shift to Bagchi’s priorities for HDFC Bank’s next phase.
The bank will continue to navigate the challenges and opportunities created by its enlarged balance sheet following the HDFC Ltd merger, with deposit mobilisation, loan growth, margins, funding costs and returns remaining key areas of focus.
Bagchi’s appointment also marks a return to mainstream banking after his stint at ICICI Prudential Life, bringing experience across retail and corporate banking, markets, treasury and insurance to HDFC Bank’s top job.
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