Three major private lenders have announced new Managing Directors and Chief Executive Officers in the first week of October 2026. The Reserve Bank of India has approved Anup Bagchi as HDFC Bank CEO from 27 October 2026, Anup Kumar Saha as Kotak Mahindra Bank CEO from 1 January 2027, and Mahesh Muralidhar Pai as South Indian Bank CEO from 1 October 2026. Each appointment is for a three year term and marks a planned succession at the top of these banks.
Who Is the New HDFC Bank CEO Anup Bagchi?
Anup Bagchi is the Managing Director and Chief Executive Officer designate of HDFC Bank from 27 October 2026. He succeeds Sashidhar Jagdishan for a three year term till 26 October 2029. Bagchi currently heads ICICI Prudential Life Insurance and has over three decades of experience across the ICICI Group.
The Reserve Bank of India conveyed its approval for the appointment on 1 October 2026 under Section 35B of the Banking Regulation Act, 1949. This section makes prior approval of the Reserve Bank of India mandatory for the appointment of a chairperson, Managing Director, whole time director, manager or Chief Executive Officer of a banking company. The approval also covered the remuneration payable to Bagchi.
Following the approval, the board of HDFC Bank met on 1 October 2026 on the recommendation of its Governance, Nomination and Remuneration Committee. The board approved Bagchi as an Additional Director from 2 October 2026 till shareholder approval and as MD and CEO from 27 October 2026 to 26 October 2029, subject to shareholder approval. An Additional Director is a director appointed by the board between two annual general meetings to hold office till the next shareholder approval.
The vacancy arose after Sashidhar Jagdishan informed the board on 29 August 2026 that he would not seek a fresh term. His present term ends at the close of business on 26 October 2026. Jagdishan joined HDFC Bank in 1996 as a manager in the finance function, became Chief Financial Officer in 2008, and took charge as MD and CEO in October 2020 after Aditya Puri stepped down. The board had forwarded two names to the Reserve Bank of India for the succession, with Deputy Managing Director Kaizad Bharucha as the internal candidate alongside Bagchi as the external candidate.
Bagchi holds an engineering degree from the Indian Institute of Technology, Kanpur and a management degree from the Indian Institute of Management, Bangalore. He served as an Executive Director of ICICI Bank, where he headed wholesale banking, transaction banking and markets. He earlier served as MD and CEO of ICICI Securities and has led ICICI Prudential Life Insurance Company as MD and CEO since 2023. His work has covered retail banking, small and medium enterprises, corporate banking, treasury, credit policy and data analytics.
HDFC Bank is headquartered in Mumbai and is India’s largest private sector bank by assets and market value. The bank was incorporated in August 1994 after its promoter Housing Development Finance Corporation received in principle approval from the Reserve Bank of India. It started operations as a Scheduled Commercial Bank in January 1995. The merger of Housing Development Finance Corporation with HDFC Bank took effect on 1 July 2023, creating a large financial services group with banking, insurance and mutual fund operations.
Who Is the New Kotak Mahindra Bank CEO Anup Kumar Saha?
Anup Kumar Saha is the Managing Director and Chief Executive Officer designate of Kotak Mahindra Bank Ltd from 1 January 2027. He succeeds Ashok Vaswani for a three year term. Saha is currently Whole Time Director of the bank and earlier led Bajaj Finance as Managing Director and CEO.
The Reserve Bank of India conveyed its approval through a letter dated 30 September 2026 under Section 35B of the Banking Regulation Act, 1949. Kotak Mahindra Bank informed the stock exchanges on 1 October 2026 that the board will take further steps to formalise the appointment and seek approval of members. Approval of members means approval by shareholders in a general meeting as required under the Companies Act, 2013.
Saha joined Kotak Mahindra Bank in January 2026 and became a Whole Time Director designated as Executive Director in March 2026. A Whole Time Director is a director who works full time for the company and is treated as Key Managerial Personnel. Since March 2026 he has overseen the entire retail bank, government business, data analytics and marketing functions.
Saha carries over 32 years of professional experience, including 25 years in financial services across banks and non banking finance companies. He worked with Bajaj Finance from October 2017 to January 2026, where he rose from President for Consumer Finance to Deputy Chief Executive Officer and then to Executive Director, Deputy Managing Director and finally Managing Director and Chief Executive Officer from April 2025 till his resignation in July 2025. In his executive roles he handled the full standalone business of the lender, including consumer, small business, marketing, operations, service and digital platforms.
He will succeed Ashok Vaswani, whose term as MD and CEO ends on 31 December 2026. Vaswani took charge in January 2024 after founder Uday Kotak stepped down and has decided not to seek a fresh term due to personal reasons. The transition gives the bank a three month window to complete shareholder and procedural formalities before Saha takes charge.
Kotak Mahindra Bank Ltd is a private sector lender headquartered in Mumbai. It started as a non banking finance company in 1985 and received a banking licence from the Reserve Bank of India in 2003, becoming the first such conversion in India. The bank has a strong presence in retail banking, corporate banking and wealth management alongside subsidiaries in life insurance, securities and asset management.
Who Is South Indian Bank MD and CEO Mahesh Muralidhar Pai?
Mahesh Muralidhar Pai is the Managing Director and Chief Executive Officer of South Indian Bank from 1 October 2026. He succeeds P R Seshadri for a three year term till 30 September 2029. Pai joins from Canara Bank, where he served for nearly three decades in digital banking and credit.
The Reserve Bank of India conveyed its approval through a letter dated 7 July 2026 for a three year term from 1 October 2026. The board of South Indian Bank considered the approval at its meeting on 16 July 2026 and shareholders approved the appointment at the annual general meeting. To allow an orderly handover, the board appointed Pai as Officer on Special Duty from 16 September to 30 September 2026 so that he could study the business, systems, governance framework and key functions before taking charge.
Pai served Canara Bank for nearly three decades after joining as a supervisor. He was promoted as Chief General Manager in March 2026 to head digital banking. In that role he led enterprise wide digital transformation across digital lending, customer journey digitisation, artificial intelligence led banking solutions, mobile and internet banking, payment systems, cards, self service channels and cash management services. He also helped set up a gold loan vertical and headed one of the largest zones of the bank. His wider experience covers strategy, governance, treasury, foreign exchange, retail banking, agriculture and small business credit.
He succeeds P R Seshadri, who demitted office at the close of business on 30 September 2026 after completing his three year term from 1 October 2023 to 30 September 2026. Seshadri is an engineer from Delhi College of Engineering with a management diploma from the Indian Institute of Management, Bangalore. He earlier served as MD and CEO of Karur Vysya Bank and held senior roles for sales, distribution and lending at Citibank in Asia Pacific.
The South Indian Bank Ltd is a private sector lender headquartered in Thrissur, Kerala. It was registered in 1929 during the Swadeshi movement and started business on 29 January 1929. It became a public limited company in 1939. The bank offers personal, corporate, treasury and foreign exchange services with a strong base in South India and a growing national network. The Chairperson of the bank is Jose Joseph Kattoor (as of October 2026).
How RBI Approves MD and CEO Appointments in Private Banks
The Reserve Bank of India is the approving authority for the top appointment in every banking company. Under Section 35B of the Banking Regulation Act, 1949, no appointment, reappointment or termination of a chairperson, Managing Director, whole time director, manager or Chief Executive Officer has effect unless it has the prior approval of the Reserve Bank of India. Approval is also needed for remuneration and for changes to provisions on appointment or pay in the articles of association of the bank.
Banks must apply through the PRAVAAH portal of the Reserve Bank of India with prescribed forms, a declaration and undertaking from the candidate, and the recommendation of the Nomination and Remuneration Committee. For a fresh appointment, the bank must send a panel of at least two names in order of preference at least four months before the term of the present incumbent ends. For reappointment, a complete application must be sent at least six months before expiry. The Reserve Bank of India checks fit and proper status, competence, track record and compliance with tenure and age norms.
For private sector banks, the post of MD and CEO or whole time director cannot be held by the same person for more than 15 years, with a three year cooling period before any fresh term in the same bank. No person can continue in these posts beyond 70 years of age. A promoter or major shareholder as MD and CEO is normally limited to 12 years, extendable to 15 years in extraordinary cases at the discretion of the Reserve Bank of India. Within these outer limits, the Reserve Bank of India usually approves a term of three years at a time, as seen in all three appointments covered in this article.
Three Successions Compared
All three banks followed the same regulatory path of board recommendation, Reserve Bank of India approval and shareholder approval. The dates and outgoing leaders differ, so a side by side view helps fix the facts.
| Bank | Incoming MD and CEO | Outgoing MD and CEO | RBI Approval Date | Charge From | Tenure |
|---|---|---|---|---|---|
| HDFC Bank | Anup Bagchi | Sashidhar Jagdishan | 1 October 2026 | 27 October 2026 | Three years till 26 October 2029 |
| Kotak Mahindra Bank Ltd | Anup Kumar Saha | Ashok Vaswani | 30 September 2026 | 1 January 2027 | Three years from January 2027 |
| South Indian Bank Ltd | Mahesh Muralidhar Pai | P R Seshadri | 7 July 2026 | 1 October 2026 | Three years till 30 September 2029 |
HDFC Bank chose an external leader from insurance and capital markets to lead India’s largest private lender after the merger phase. Kotak Mahindra Bank elevated its serving Whole Time Director with a retail and consumer finance background to lead from within. South Indian Bank brought in a public sector banker with a digital transformation record to steer a Kerala based private lender. Each path reflects the needs of the bank at this stage of its growth.
Why These Leadership Changes Matter
A change of MD and CEO shapes credit growth, deposit mobilisation and technology spending for the next three years. The Managing Director and Chief Executive Officer is responsible for day to day management and chairs the senior leadership that decides loan priorities, branch expansion and digital investment. Markets track such successions closely because a smooth handover supports stable asset quality and steady earnings.
For HDFC Bank, the priority is consolidation after the merger with Housing Development Finance Corporation and steady growth in home loans, retail deposits and small business lending. For Kotak Mahindra Bank, the focus is expected to stay on retail banking, government business and data led customer growth, drawing on Saha’s experience in consumer finance. For South Indian Bank, the focus is sharper execution, technology led transformation and deeper customer relationships, which Pai underlined on taking charge. Together, the three appointments show how private lenders are blending external expertise, internal continuity and digital capability to meet competition and regulatory expectations.
Key Takeaways
- Anup Bagchi is the new MD and CEO of HDFC Bank for three years from 27 October 2026 to 26 October 2029, succeeding Sashidhar Jagdishan.
- Anup Kumar Saha is the new MD and CEO of Kotak Mahindra Bank Ltd for three years from 1 January 2027, succeeding Ashok Vaswani.
- Mahesh Muralidhar Pai is the new MD and CEO of South Indian Bank for three years from 1 October 2026, succeeding P R Seshadri.
- All three appointments were approved by the Reserve Bank of India under Section 35B of the Banking Regulation Act, 1949.
- HDFC Bank, headquartered in Mumbai and operational since January 1995, is India’s largest private sector bank, while South Indian Bank is headquartered in Thrissur and was established in 1929.
