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 a three-year term from 27 October.

Bagchi, 56, was widely seen as the top contender for the post, alongside internal candidate Kaizad M Bharucha. For Bagchi, the appointment marks a return to banking after 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.

The appointment is also the second instance in recent years of an insurance executive being brought in to lead a bank. In 2019, Amitabh Chaudhry joined Axis Bank as chief ...