The deputy managing director of HDFC Bank, Kaizad Bharucha will step down from the bank at the end of this year. Bharucha stepped down from the position after more than three decades with the lender.
Bharucha has been associated with HDFC Bank for over 30 years and has played a key role in its growth and operations. During his tenure, he held several senior positions across the organisation, contributing to the bank’s expansion and strengthening its position in India’s banking sector.
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.
Further, bank’s Nomination and Remuneration Committee (GNRC) and board, at meetings held on October 16 and 17, respectively, accepted Bharucha’s request, subject to RBI approval, it said.
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.
HDFC Bank reports improvement in profitability:
HDFC Bank, in its recently ,reported an improvement in profitability, loan growth and asset quality in the September quarter of FY27, with standalone net profit rising nearly 5 per cent year-on-year.
HDFC Bank posted a standalone net profit of Rs 19,509.96 crore for Q2 FY27, up from Rs 18,641.28 crore in the corresponding quarter last year. On a quarter-on-quarter basis, profit after tax (PAT) increased 2.83 per cent from Rs 19,069.72 crore in Q1 FY27.