HDFC Bank's deputy managing director Kaizad Bharucha has sought to step down from his position at the bank, effective 31 December 2026, the lender said in an exchange filing on Saturday. The request comes as HDFC Bank, India's largest private sector lender, is in the midst of a leadership change.
The GNRC and the Board of Directors met on 16 October 2026 and 17 October 2026 respectively. They respected Bharucha's decision and accepted his request to be forwarded to the Reserve Bank of India for approval, the bank said in its filing.
CREDIT ARCHITECTURE AND WIDE REMIT
At HDFC Bank, Bharucha oversees corporate banking, the emerging corporates group, investment banking, the rural banking group and the emerging enterprises group, among other businesses. The 60-year-old banker also heads the inclusive banking initiatives group, corporate social responsibility (CSR) and environmental, social and governance (ESG) functions, according to his company profile.
The directors noted that the bank's robust credit architecture has been one of its defining institutional strengths. They recognised Bharucha as one of the principal architects who helped conceptualise, establish and develop that framework.
NEARLY FOUR DECADES IN BANKING
Bharucha is one of HDFC Bank's longest-serving executives. He joined the lender in 1995 and became a board member in 2014, and he has served as deputy MD since April 2023. He brings nearly four decades of banking experience.
Before joining HDFC Bank, he worked with SBI Commercial and International Bank. He is a BCom graduate of Sydenham College of Commerce and Economics, under the University of Mumbai.
SUCCESSION RACE AND BAGCHI'S APPOINTMENT
Bharucha was reportedly one of the candidates to succeed Sashidhar Jagdishan as MD and CEO. He was considered a strong contender, having co-chaired HDFC Bank's Integration Committee and held several key leadership roles. He and Bagchi were the two candidates recommended to the regulator after Jagdishan opted out of a fresh term.
The bank initially submitted two names in order of preference and remuneration to fill the post after Jagdishan retires on 26 October 2026. Earlier this month, HDFC Bank appointed Anup Bagchi, an ICICI Bank veteran, as MD and CEO for a three-year term from 27 October, paving the way for an outsider to take charge. The Reserve Bank of India approved the appointment after reviewing his candidature and assessing his suitability under its 'fit and proper' criteria.
INTEGRATION CONTINUES UNDER NEW LEADERSHIP
The leadership transition is significant for HDFC Bank, which has been navigating the integration of its banking and mortgage businesses following the 2023 merger with Housing Development Finance Corporation. Bharucha's exit is scheduled for 31 December, subject to the approval of the Reserve Bank of India, to which the board has agreed to forward his request.
Related: HDFC Bank reports 5.2% rise in second-quarter profit to Rs 19,610 crore, missing estimates