Archive · 1 Oct 2026
Anup Bagchi Takes HDFC Bank Helm Amid Governance Concerns
Anup Bagchi is becoming the new leader of HDFC Bank.
The bank’s previous leader, Sashidhar Jagdishan, decided not to continue in the job.
Bagchi has worked in banking for many years, including at ICICI Bank.
He helped ICICI Bank grow its retail banking business.
HDFC Bank is facing questions about how it is governed and how some products were sold.
A former chairman resigned after saying some practices did not match his values.
An independent review later said those concerns were not supported by its findings.
The bank’s shares have also fallen sharply, so Bagchi must work to rebuild investor confidence.
Anup Bagchi has been selected to lead HDFC Bank after Sashidhar Jagdishan decided not to seek reappointment.
Bagchi previously served as an executive director at ICICI Bank from 2017 to 2023.
He inherits governance and mis-selling controversies, including allegations involving AT-1 bonds and payments to a state road agency.
An independent review did not substantiate former chairman Atanu Chakraborty’s concerns about the bank’s practices.
HDFC Bank shares have fallen more than 27% in 2026, outpacing declines in the Nifty 50 and Nifty Bank indexes.
- Who
- Anup Bagchi, HDFC Bank, former CEO Sashidhar Jagdishan, and former part-time chairman Atanu Chakraborty.
- What
- Bagchi is taking over HDFC Bank’s leadership while facing governance concerns, mis-selling allegations, and declining investor confidence.
- When
- Jagdishan announced his decision in July; Chakraborty resigned in March 2026, and HDFC Bank shares fell more than 27% year-to-date in 2026.
- Where
- HDFC Bank in India, with related allegations involving its Dubai branch, Bahrain litigation, and Maharashtra.
- Why
- Bagchi’s leadership will be tested by governance controversies, regulatory scrutiny, negative news flow, and the bank’s underperforming stock.
Governance Concerns
Bank’s Response
Former chairman’s resignation
Governance Concerns
Atanu Chakraborty said certain practices observed at HDFC Bank over two years were not consistent with his personal values and ethics.
Bank’s Response
An independent review later concluded that Chakraborty’s statement and its implications were not supported by the records and witness interviews.
Mis-selling and payments allegations
Governance Concerns
Critics point to alleged mis-selling of Credit Suisse-linked AT-1 bonds and claims that payments to Maharashtra State Road Development Corp were disguised as marketing and sponsorship expenses.
Bank’s Response
HDFC Bank won all seven related Bahrain cases, took action against some employees, and fined Jagdishan and two other senior officials after an internal review of the Maharashtra payments.
Investor confidence
Governance Concerns
The stock’s more than 27% 2026 decline suggests investors remain concerned about the bank’s governance and outlook.
Bank’s Response
Bagchi’s banking and capital-markets experience gives the bank a new opportunity to address concerns and improve investor perception.
- Incoming CEO
- Anup Bagchi
- Departing CEO
- Sashidhar Jagdishan, who decided not to seek reappointment as managing director and CEO
- Previous experience
- Executive director at ICICI Bank from 2017 to 2023
- Stock performance
- HDFC Bank shares declined more than 27% on the NSE in 2026
- Former chairman
- Atanu Chakraborty resigned as part-time chairman in March 2026
- Independent review
- The review concluded that Chakraborty’s statement and its implications were not substantiated by records and witness interviews
- AT-1 bond cases
- HDFC Bank won all seven cases filed against it in Bahrain by investors