HDFC Bank: Kaizad Bharucha to exit; Anup Bagchi new MD & CEO
Why in the news
On 17 October 2026, HDFC Bank told the stock exchanges that its Deputy Managing Director Kaizad Bharucha will leave the bank at the end of December 2026, days before Anup Bagchi takes charge as its new MD and CEO.
Key facts
- Exit date: Bharucha will cease to be Deputy MD from close of business on 31 December 2026, subject to approval by the Reserve Bank of India.
- Approvals: the Nomination and Remuneration Committee met on 16 October and the board on 17 October 2026 to accept his request.
- Career: aged 60, he joined the bank in October 1995, led wholesale banking and later oversaw some retail operations. He was elevated to Deputy MD in 2023, a post vacant since Paresh Sukhtankar left in 2018.
- CEO race: the board had recommended Bharucha as the internal candidate for the top job.
- New chief: the RBI cleared Anup Bagchi, a veteran of the ICICI Group and CEO of ICICI Prudential Life Insurance, as MD and CEO for a three-year term starting 27 October 2026. He succeeds Sashidhar Jagdishan.
| Person | Change | Effective |
|---|---|---|
| Anup Bagchi | Joins as MD and CEO | 27 October 2026 |
| Kaizad Bharucha | Exits as Deputy MD | 31 December 2026 |
About the appointment process
Under Section 35B of the Banking Regulation Act, 1949, the appointment, reappointment or termination of a bank’s managing director or whole-time director takes effect only with the previous approval of the RBI. This is why both Bagchi’s appointment and Bharucha’s exit need the regulator’s nod.
Exam angle
- New HDFC Bank MD and CEO: Anup Bagchi (from 27 October 2026).
- Bagchi came from ICICI Prudential Life Insurance, where he was CEO.
- Bharucha had more than three decades of service with HDFC Bank.