HDFC Bank (HDFCB IN) – Event Update – RBI approves Mr. Anup Bagchi as MD&CEO for 3 years – BUY
Published on 02 Oct 2026
Mr. Anup Bagchi receives RBI approval to be appointed as MD & CEO for 3 years, w.e.f. 27th Oct’26. Being an IIT Kanpur and IIM Bangalore alumnus, Mr. Bagchi has been with the ICICI group for 34 years, working in banking, insurance, capital markets, treasury & wealth management with leadership roles at ICICI Bank, ICICI Securities and ICICI Prudential Life. As an Executive Director at ICICI Bank from 2017–23, he oversaw retail, business, rural and wholesale banking. Given his strong pedigree, we view Mr. Bagchi’s appointment positively although being an external candidate there could be changes in processes and management (mid/senior level) which could be disruptive in the short term. Key fundamental issues that need to be addressed are (1) improving the balance-sheet construct i.e. LDR, (2) rebuilding NIM amid unfavourable loan mix and (3) better alignment between guidance and delivery. We keep multiple at 1.9x on Mar’28 core ABV and maintain TP at INR 950, Retain ‘BUY’.
