Mumbai: Anup Bagchi, a veteran of the ICICI Group, has emerged as the leading contender for the Managing Director and Chief Executive Officer position at HDFC Bank as the country’s largest private-sector lender prepares for a leadership transition.

The Reserve Bank of India is seeking feedback on Bagchi’s candidature as it evaluates the external candidate for the top post, according to people familiar with the matter. The central bank has reportedly sought views from the Insurance Regulatory and Development Authority of India and ICICI Bank CEO Sandeep Bakhshi as part of its assessment.

However, the appointment has not been finalised. The RBI is still examining the candidates, and its approval will be required before HDFC Bank can appoint its next MD and CEO.

Anup Bagchi emerges as external candidate

Bagchi, 55, has spent around three decades in banking and financial services, largely with the ICICI Group. He is currently the MD and CEO of ICICI Prudential Life Insurance, a position he has held since 2023.

Before moving to the insurance business, Bagchi held senior positions at ICICI Bank and was a member of its board. His experience has covered retail banking, corporate banking, MSME banking, treasury, markets, investment banking and other financial-services functions. He also served as MD and CEO of ICICI Securities.

His broad experience across banking and financial services is a key part of his profile as HDFC Bank considers an external candidate for its top leadership position.

Bagchi’s move to ICICI Prudential Life in 2023 marked a shift away from mainstream banking. The RBI’s current consultation process is therefore also examining his suitability to return to running a large commercial bank after about three years outside traditional banking, according to reports.

HDFC Bank has submitted two names to RBI

The succession process formally moved forward earlier this month when HDFC Bank’s board approved two candidates for the MD and CEO position and submitted their names to the RBI in order of preference.

The bank’s September 12 exchange filing said the proposed appointment would be for three years and would be subject to RBI approval. HDFC Bank did not disclose the names of the candidates in the filing.

Reports subsequently identified Bagchi and HDFC Bank Deputy Managing Director Kaizad Bharucha as the two candidates under consideration.

Bharucha represents the internal candidate and has been with the HDFC Group since 1995. He has worked across areas including corporate banking, retail assets, mortgages, emerging corporates and business banking, and became Deputy Managing Director of HDFC Bank in 2023. He has also been involved in the integration of HDFC Ltd with HDFC Bank.

The choice therefore involves two candidates with different professional backgrounds: Bagchi brings experience from outside HDFC Bank, while Bharucha has spent almost three decades within the HDFC Group.

Why the RBI’s role is important

The appointment of the MD and CEO of a private-sector bank requires prior approval from the RBI. This gives the central bank a significant role in assessing senior leadership appointments at major lenders.

The RBI’s latest consultations on Bagchi indicate that the regulator is carrying out additional due diligence before making its decision. The feedback being sought from regulators and senior banking executives is part of this assessment, according to reports.

No final appointment should therefore be inferred from Bagchi’s emergence as the front-runner. The RBI’s decision remains pending.

Sashidhar Jagdishan’s term ends in October

The leadership transition follows HDFC Bank CEO Sashidhar Jagdishan’s decision not to seek another term. Jagdishan has led the bank since October 2020 and is due to step down at the end of his current term in October 2026.

HDFC Bank’s succession planning has accelerated in recent weeks as the bank prepares for the change at the top.

Alongside the CEO succession process, the bank has also moved to strengthen its senior leadership structure. Its board approved the reappointment of V. Srinivasa Rangan as a whole-time director, designated as Executive Director, for a one-year period beginning November 23, 2026, subject to the required approvals.

The bank has also proposed the appointment of Chief Credit Officer Jimmy Tata as a whole-time director. In addition, HDFC Bank plans to create a fourth whole-time director position for the incoming CEO.

What happens next

The RBI will now complete its evaluation of the candidates before deciding on the appointment. Reports indicate that the regulator is examining Bagchi’s background and current relevance to commercial banking, while also considering the internal candidate submitted by HDFC Bank.

For HDFC Bank, the appointment will mark the next phase of leadership following Jagdishan’s tenure and comes as the lender continues to manage the post-merger integration of HDFC Ltd with the bank.

At this stage, Bagchi is being described by sources as the front-runner, but the appointment is not official until the RBI gives its approval. The final decision will determine who takes charge of HDFC Bank for the proposed three-year term.