RBI approves Anup Bagchi as HDFC Bank CEO and Anup Saha as Kotak CEO
The RBI fast‑tracked HDFC Bank's leadership change while confirming Kotak Mahindra Bank's new chief executive for a three‑year term.
By Felo News Desk · Published
The Reserve Bank of India (RBI) has cleared two major banking appointments: Anup Bagchi as chief executive of HDFC Bank and Anup Kumar Saha as managing director and chief executive of Kotak Mahindra Bank.
What happened
HDFC Bank received RBI approval for Bagchi’s three‑year term later this month, after the bank submitted its proposal on September 12. The incumbent, Sashidhar Jagdishan, will step down when his term ends on October 27. Kotak Mahindra Bank announced that the RBI approved Saha’s three‑year term beginning January 1 2027, following the departure of Ashok Vaswani whose term ends on December 31 2026.
What the reports add
New Indian Express reported that the RBI’s clearance of Bagchi’s appointment took just 20 days, far shorter than the usual three‑to‑six‑month review period for bank CEOs. By contrast, the regulator’s approval of Anup Saha’s appointment at Kotak Mahindra Bank came after a longer process; the outlet noted that a previous Kotak CEO appointment (Anup Saha’s predecessor) required more than six months.
What was said
The New Indian Express quoted the banks’ regulatory filing that the RBI accepted HDFC’s September 12 proposal recommending two names, widely believed to be Kaizad Bharuacha and Bagchi. Kotak Mahindra Bank’s statement said its board will formalise Saha’s appointment and seek shareholder approval. Ashok Vaswani, who supported Saha’s selection, described him as “a seasoned financial services leader with deep experience across businesses, customer segments and operating functions.”
How it came about
HDFC Bank’s leadership change follows Jagdishan’s August announcement that he would not seek reappointment. The bank’s delayed submission of names on September 12 triggered the RBI’s unusually swift review. Kotak Mahindra Bank’s succession follows founder Uday Kotak’s October 2023 step‑down and Vaswani’s three‑year tenure that began in January 2024. Saha joined Kotak in January 2026 from Bajaj Finance, overseeing retail banking, data analytics and marketing before being elevated to chief executive.
Key facts
- Anup Bagchi was approved as HDFC Bank CEO for a three‑year term starting later this month. (newindianexpress.com)
- The RBI cleared Bagchi’s appointment in 20 days, far shorter than the usual three‑to‑six‑month period. (newindianexpress.com)
- Anup Kumar Saha was approved as Kotak Mahindra Bank CEO for a three‑year term beginning Jan 1 2027. (newindianexpress.com)
- Ashok Vaswani’s term at Kotak ends on Dec 31 2026; he backed Saha’s appointment. (newindianexpress.com)
