New Delhi, Oct. 1 -- The Reserve Bank of India (RBI) on Thursday approved the appointment of ICICI Group veteran Anup Bagchi as the chief executive of India's largest private lender HDFC Bank for three years from 27 October.

Bagchi, 56, was widely seen as the top contender for the post, alongside internal candidate Kaizad M Bharucha. For Bagchi, this marks the return to the banking sector after having spent the last three years in insurance. This also helps retain ICICI Bank's tag as the chief executive factory, having produced several top leaders scattered across financial services.

This is also the second instance in recent times where a leader from an insurance company has been brought in to lead a bank. In 2019, Amitabh Chaudhry joi...