Mumbai, Oct 27 — HDFC Bank, India's largest private lender, on Tuesday announced a leadership transition, with Anup Bagchi taking charge as Managing Director and Chief Executive Officer.
The transition follows the completion of Sashidhar Jagdishan's tenure.
In an exchange filing, the private bank said Sashidhar Jagdishan vacated office as MD & CEO at the close of business hours on October 26, 2026, on account of completion of his tenure and Anup Bagchi assumed charge effective October 27, 2026.
However, the bank thanked Jagdishan for his strategic vision and commitment, crediting his leadership with strengthening its performance, organisational culture and customer-centric approach.
It also acknowledged his pivotal role in the successful completion of one of corporate India's largest mergers.
Bagchi takes charge at a time when the lender is navigating a mixed earnings environment.
Earlier this month, HDFC Bank posted a net profit of Rs 19,610 crore for the second quarter of FY27, up 5.2 per cent year-on-year but below analysts' expectations.
Net interest income (NII) increased 9.7 per cent year-on-year to Rs 34,619 crore, below the estimate of Rs 34,991 crore.
While net interest margin (NIM) stood at 3.16 per cent.
The lender had said higher provisions and softer-than-expected NII weighed on performance even as it posted robust growth in loans and deposits.
Apart from that, the bank has clarified that it is investigating a possible leak of confidential information and will decide on further action after completing its internal review.
The bank's spokesperson said, “In line with our policies, an internal review into this matter is currently underway to gather and evaluate all relevant facts.”
The bank further said it would not discuss the ongoing review to protect the process and privacy of those involved.
“Appropriate action will be taken based on the findings, once the review is complete,” the spokesperson said.
The bank’s clarification came at the time after reports claimed earlier in October that an internal probe at the bank found that two senior executives had disclosed confidential information.
However, the lender has faced other leadership changes this year.
In March, then Chairman Atanu Chakraborty resigned citing differences between his personal values and certain practices at the bank.
Additionally, Deputy Managing Director Kaizad Bharucha had decided to step down and sought cessation of services effective December 31. Bharucha submitted a formal request to cease his duties at the close of business.