HDFC Bank Deputy MD Kaizad Bharucha to step down

HDFC Bank, India’s largest private lender, announced that Deputy Managing Director Kaizad Bharucha will step down from his position effective December 31. Bharucha, who has been with the bank since 1995, submitted a formal request for the cessation of his services, which has been accepted by the Board of Directors. The resignation will now be forwarded to the Reserve Bank of India (RBI) for regulatory approval.

Bharucha has been a long-standing executive at the bank, overseeing wholesale banking, credit, and risk-management functions. The board credited him as a key architect of the bank’s growth and institutional strength.

His departure occurs shortly before Anup Bagchi, a veteran from the ICICI Group, is scheduled to assume the role of Managing Director and Chief Executive Officer on October 27. Bharucha had previously been reported as a contender for the top leadership position.