New Delhi, Oct. 1 -- Anup Bagchi, an ICICI Bank veteran, has been appointed by the HDFC Bank as its MD and CEO, India's biggest private lender announced on Thursday after receiving approval for his appointment from the Reserve Bank of India.

Bagchi will be succeeding Sashidhar Jagdishan, whose ​term comes to an end on October 26.

HDFC Bank said the RBI approved Bagchi's appointment as MD and CEO as well as the remuneration payable to him under Section 35B of the Banking Regulation Act, 1949.

Challenges awaiting Bagchi include increasing core income, as net interest margins continue to be under pressure and curbing instances of product mis-selling, according to watchers, Reuters reported.

Bagchi had been serving as the CEO of ICI...