HDFC Bank has received approval from the Reserve Bank of India (RBI) for the appointment of Anup Bagchi as its Managing Director and Chief Executive Officer
(MD & CEO) for a three-year term. According to the bank’s regulatory disclosure dated October 1, 2026, the RBI has cleared Bagchi’s appointment as well as the remuneration payable to him under Section 35B of the Banking Regulation Act, 1949. His three-year tenure will begin on October 27, 2026. The development follows the bank’s earlier intimation dated September 12, 2026, regarding the proposed appointment. Following the RBI approval, the HDFC Bank Board of Directors met on October 1 and approved Bagchi’s appointment as an Additional Director. The appointment will take effect from October 2, 2026 and will continue until the date on which shareholders approve his appointment, in accordance with the provisions of the Companies Act, 2013. The decision was taken based on the recommendation of the bank’s Governance, Nomination and Remuneration Committee. Bagchi will subsequently take charge as the bank’s MD & CEO from October 27, subject to shareholder approval. Shareholder's Approval While the RBI has given its approval for the appointment, HDFC Bank has stated that the appointment remains subject to shareholder approval. Bagchi’s immediate appointment as an Additional Director will begin on October 2. His three-year term as MD & CEO is scheduled to commence later in the month, on October 27. The sequence of approvals means the bank has now completed the RBI approval stage and board-level approval, with shareholder approval remaining part of the process for the appointment. The latest disclosure formally sets out the timeline for Bagchi’s entry onto the board and his subsequent transition into the MD & CEO role.
