Kaizad Bharucha, deputy managing director of HDFC Bank, will step down from the bank at the end of this year after more than three decades with the lender, the bank said in an exchange filing on Saturday.
Bharucha, 60, was among the contenders for the bank’s top job, with the board recommending him as its internal candidate for the position of managing director and chief executive officer (MD & CEO). However, the Reserve Bank of India (RBI) approved Anup Bagchi, a veteran of the ICICI Group and chief executive officer of ICICI Prudential Life Insurance, for the position for a three-year term. Bagchi will take charge on October 27.
“Mr. Kaizad Bharucha, Deputy Managing Director, HDFC Bank has requested cessation from the service of the Bank with effect from the close of business hours on December 31, 2026,” the bank said in the filing.
The bank said its Nomination and Remuneration Committee (GNRC) and board, at meetings held on October 16 and 17, respectively, accepted Bharucha’s request, subject to RBI approval.
The committee and the board also placed on record their appreciation for his contribution to the bank over more than three decades, particularly his role in building its credit architecture.
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“The Directors particularly acknowledged that the Bank’s robust credit architecture has been one of its defining institutional strengths and recognised Mr. Bharucha as one of the principal architects who helped conceptualise, establish and develop this framework,” the bank said.
Bharucha joined HDFC Bank in October 1995 and has played a key role in the lender’s corporate lending business over the past decade. In recent years, he has also overseen some retail operations while continuing to lead the wholesale banking business.
He was elevated to deputy managing director in 2023, filling a position that had remained vacant since Paresh Sukhtankar’s exit in 2018.
His departure comes amid a leadership transition at the bank.