HDFC Bank appointed Anup Bagchi as CEO, effective October 27, as it seeks to address governance and operational challenges. Its net interest margin fell to 3.34% in the year ended March 2026 from 4.1% in 2023, while low-cost deposits declined to 34.1% from 44%.
HDFC Bank appointed Anup Bagchi as CEO, effective October 27, following approval from the Reserve Bank of India. Bagchi, who has led ICICI Life Insurance since 2023, previously served as an executive director on ICICI Bank’s board.
The bank has faced governance concerns following the chair’s sudden resignation in March and a board fine against outgoing CEO Sashidhar Jagdishan and other executives over deposit pricing. A group of U.S.-based investors later filed a class-action lawsuit alleging the bank failed to properly disclose information about the incident. HDFC Bank’s net interest margin fell to 3.34% in the year ended March 2026 from 4.1% in 2023, and low-cost deposits fell to 34.1% from 44%.
Bagchi’s experience developing ICICI Bank’s internet banking and online trading platform may help address HDFC Bank’s technology and service challenges, though other operational issues may take longer to fix. The article points to ICICI Bank’s turnaround under Sandeep Bakhshi as a precedent, while raising questions about whether HDFC’s 2023 merger with its parent affected the bank’s agility.
