Two Anups Take Helm at HDFC, Kotak Banks

The Cliff News | 2 October 2026

In a day marked by remarkable parallels, India's banking sector witnessed the appointment of two new chief executive officers, both named Anup, at two of its leading private lenders. HDFC Bank has appointed Anup Bagchi as its new Managing Director & CEO, effective October 27, succeeding Sashidhar Jagdishan. Concurrently, Anup Kumar Saha is set to take over as the chief of Kotak Mahindra Bank for a three-year term commencing January 1, 2027, succeeding Ashok Vaswani.

The coincidences extend beyond their shared first name. Both Anup Bagchi and Anup Kumar Saha are seasoned veterans of ICICI Bank, distinguished alumni of the prestigious Indian Institutes of Technology (IIT) and Indian Institutes of Management (IIM), and are both 55 years old. Furthermore, both hail from West Bengal, adding another layer to the day's unique narrative.

Leadership Transitions Amidst Succession Planning

The Reserve Bank of India (RBI) cleared the appointments and remuneration for the new chiefs, ending CEO succession uncertainties at both HDFC Bank and Kotak Mahindra Bank. Their incumbent CEOs had decided against seeking fresh terms, paving the way for these carefully planned leadership changes.

Anup Bagchi brings over three decades of experience spanning retail and wholesale banking, capital markets, treasury, and insurance. He spent a significant portion of his career within the ICICI Group, serving as Executive Director at ICICI Bank from 2017 to 2023, where he oversaw retail, business/rural, and wholesale banking operations before leading ICICI Securities. Since June 2023, he has been the MD & CEO of ICICI Prudential Life Insurance.

Bagchi's Tenure and HDFC Bank's Future Focus

Under Bagchi's leadership, ICICI Prudential Life achieved a milestone, with its annualized premium equivalent surpassing 10,000 crore for the first time in FY25, and its profit after tax (PAT) saw a nearly 40% rise to 1,189 crore. Bagchi, who becomes the first external appointee to lead HDFC Bank since its inception in 1994, is expected to concentrate on driving loan growth, navigating the credit-deposit dynamics in a competitive rate environment, and realizing synergies from the recent HDFC merger.

Sashidhar Jagdishan, who led HDFC Bank through the pandemic, expanded digital operations, and oversaw the merger, will be succeeded by Bagchi. The bank's board will induct Bagchi as an additional director from October 2, pending shareholder approval, with his term running until October 26, 2029.

Saha's Extensive Experience at Kotak Mahindra Bank

Anup Kumar Saha currently serves as a whole-time director at Kotak Mahindra Bank, having joined in January 2026. Since March, he has been instrumental in overseeing retail banking, data analytics, and marketing. Prior to his role at Kotak, Saha was the MD & CEO of Bajaj Finance and possesses over 32 years of experience, with 25 years dedicated to financial services.

During his 14-year tenure at ICICI Bank, Saha held significant positions, including leadership roles in retail secured assets, business intelligence, retail and rural collections, credit cards, and retail structured finance. His appointment follows Ashok Vaswani's announcement to step down at the end of his term in December.

Shared Background and Educational Pedigree

The shared educational background of the two Anups is also notable. Anup Bagchi is an alumnus of IIT Kanpur and IIM Bangalore. Anup Kumar Saha holds a BTech from IIT Kharagpur and an MBA from IIM Lucknow. This strong academic foundation underscores their preparedness for leadership roles in the complex financial landscape.

Kotak Mahindra Bank chairman C S Rajan expressed confidence that Saha would steer the franchise towards sustainable growth, echoing Vaswani's acknowledgment of Saha's extensive experience across various business segments and functions. As of June 30, the Kotak Mahindra Group boasted 5,916 branches and a consolidated balance sheet of approximately 10.1 lakh crore.