HDFC Bank Deputy MD Kaizad Bharucha To Step Down On Dec 31

HDFC Bank Deputy Managing Director Kaizad Bharucha has requested permission to step down at the close of business on Dec 31, 2026, ending an association of more than three decades with the private sector lender.

In an exchange filing on Saturday, the bank said its board had accepted Bharucha's request following approval from the Governance, Nomination and Remuneration Committee (GNRC).

The proposed departure will now be submitted to the Reserve Bank of India (RBI) for regulatory approval.

The development comes ahead of Anup Bagchi, formerly associated with ICICI Group, taking charge as HDFC Bank's Managing Director and Chief Executive Officer on Oct 27.

Board Recognises Kaizad Bharucha's Contribution

The bank's board and nomination committee acknowledged Bharucha's contribution to its expansion and institutional development.

Directors particularly highlighted his role in building the lender's credit architecture, describing him as one of the principal figures behind its conceptualisation and development.

Bharucha's proposed exit marks a significant senior management change as the bank prepares for a new chief executive.

However, the exchange filing does not specify the reasons for his decision to step down.

His departure remains subject to the central bank's approval.

Lily Vadera Reappointed As Independent Director

At the same meeting, HDFC Bank's board approved Lily Vadera's reappointment as an independent director from Nov 26, 2026, to Nov 25, 2029.

The decision follows the GNRC's recommendation and requires shareholder approval.

Vadera has more than 34 years of central banking experience and holds a master's degree in international relations.

She retired in October 2020 as an RBI Executive Director after heading its Department of Regulation, which oversees regulatory frameworks for banks and non-banking financial companies.

During her central banking career, she represented the RBI at international forums, including the Basel Committee on Banking Supervision, Financial Stability Board and G20 working groups.

She also contributed to initiatives involving small-business financing, green finance and financial technology regulation.

Her work included establishing a regulatory sandbox to encourage innovation among financial technology companies.

Vadera additionally participated in the amalgamation of stressed banks and represented the RBI on the Insolvency Law Committee constituted by the Ministry of Corporate Affairs.