HDFC Bank and Kotak Mahindra Bank both get new RBI-approved CEOs this week
Every fact links to its official source.
60-second morning update
Change: A fake notice on WhatsApp says all Saturdays are now bank holidays for government banks like SBI. PIB, the government's own fact-check office, says it is false.
Impact: Nothing has changed. Government banks stay closed only on the second and fourth Saturdays, as since 2015.
Action: Branch staff: tell any customer who asks that the notice is fake.
Change: Reserve Bank of India approved Anup Bagchi as HDFC Bank's new MD and CEO, from 27 October, for three years.
Impact: He replaces Sashidhar Jagdishan, whose term ends 26 October. Bagchi spent over 30 years at ICICI Group before this.
Action: HDFC Bank staff should watch the new CEO's early priorities.
Change: The same day, Reserve Bank of India also approved Anup Kumar Saha as Kotak Mahindra Bank's new MD and CEO, from 1 January 2027, pending shareholder approval.
Impact: He replaces Ashok Vaswani. Saha has been a Kotak whole-time director since March 2026, after years at ICICI Bank.
Action: Kotak staff should watch for his plans once he takes charge.
Change: Reserve Bank of India eased its rule for mutual funds, insurers and pension funds buying bank shares: one approval now covers all future purchases up to 10 percent of a bank.
Impact: This makes it faster for these investors to raise their stake in Indian banks.
Action: Compliance staff should expect more such approval requests.
Change: UPI transactions fell 1.8 percent in September to 24.07 billion, the first dip after August's record, ahead of the 0.4 percent shop-fee starting 15 October.
Impact: Payment value still rose 1.5 percent to Rs 29.37 lakh crore. Person to person transfers stay free, always.
Action: Tell shopkeepers the fee applies only above Rs 2,000, not to money sent between people.
Reserve Bank of India action board
What changed: Reserve Bank of India changed its rule on buying bank shares. Earlier, mutual funds, insurance companies and pension funds needed Reserve Bank of India's approval for their first big purchase of a bank's shares, and again if their stake fell below 5 percent and they bought more. From 1 October 2026, these investors can get one approval covering all future purchases up to 10 percent of a bank's shares, applied for through the PRAVAAH portal. Approval for the first big purchase is still needed. Reserve Bank of India issued this separately for commercial banks, small finance banks, payments banks and local area banks.
Who is affected: Mutual funds, insurance companies and pension funds buying bank shares, and bank compliance staff.
What to do: Compliance staff: when such an investor applies for one-time approval, send Reserve Bank of India the bank's comments using Form A1, as for a first-time approval.
Last date: This rule took effect immediately on 1 October 2026. There is no deadline; apply it to any request from today onward.
Source: Reserve Bank of India notification RBI/2026-27/275, opened directly 2 October 2026 ↗
What it means for your job
Branch and retail: A fake notice says all Saturdays are now bank holidays. It is false; Saturdays' hours have not changed.
Compliance and risk: Mutual funds, insurers and pension funds can now get one approval for all future bank-share purchases up to 10 percent.
Payments and technology: UPI transactions dipped 1.8 percent in September to 24.07 billion, as the 0.4 percent shop-fee nears on 15 October.
NBFC and co-operative: Reserve Bank of India had already rejected Tata Sons' bid to give up its NBFC status, in a letter received 12 September. It must now move toward listing.
People and industry: Two of India's biggest private banks got new chiefs this week: Anup Bagchi at HDFC Bank, Anup Kumar Saha at Kotak Mahindra Bank.
Careers and learning: Lesson from today: both new bank chiefs spent 20-plus years at ICICI Group before reaching the top job elsewhere.
Treasury: Reserve Bank of India ran a 4-day Variable Rate Reverse Repo auction on 1 October, taking cash out of the system for four days.
Banker problem solver
A customer asks if their money is safe with new CEOs at HDFC Bank and Kotak Mahindra Bank.
Two of India's largest private banks named new chiefs this week, and some customers worry this means their money is less safe.
- A CEO change does not touch deposit insurance. Every bank deposit up to Rs 5 lakh per depositor, per bank, stays insured by DICGC, whatever the CEO.
- Reserve Bank of India itself checked and approved both new chiefs under the Banking Regulation Act before they could take the job.
- Both banks keep working normally. Branch hours, cheques, loans, UPI and net banking all continue as before.
Fraud and risk check
Check today: Rumour check: a fake notice is being shared on WhatsApp, claiming all Saturdays are now bank holidays for government banks. PIB Fact Check says it is false; Saturdays stay as before, the second and fourth off. Do not forward it; tell others it is fake.
Career and technology help
Career lesson: ICICI Group keeps producing bank CEOs
Both new chiefs built their careers mostly at one company before reaching the top job elsewhere. Anup Bagchi joined ICICI Group in 1992, rose to Executive Director of ICICI Bank in 2017, then led ICICI Prudential Life Insurance from 2023, and is now HDFC Bank's CEO from 27 October. Anup Kumar Saha moved from ICICI Bank to Kotak Mahindra Bank as a whole-time director in March 2026, and is now set to lead it. Lesson: deep experience in one strong company can beat frequent job changes.
One important number
10 percent
The most a mutual fund, insurer or pension fund can now hold in one Indian bank under RBI's new one-time approval, without asking again for every later purchase.
Source: Reserve Bank of India notification RBI/2026-27/275, opened directly 2 October 2026 ↗
Important dates
15 October 2026 — The 0.4 percent UPI fee on shop payments above Rs 2,000 begins. Person to person transfers stay free.
26 October 2026 — HDFC Bank CEO Sashidhar Jagdishan's term ends; Anup Bagchi takes over the next day. Unions have also said they may strike this day over the five-day week demand; not yet confirmed.
One question
Which change from today worries you the most at work? ['The fake bank-holiday notice confusing customers', 'The new CEOs at HDFC Bank and Kotak Mahindra Bank', 'The UPI fee starting this month', 'None, same as any day']