Dy. MD Kaizad Bharucha to Exit HDFC Bank in December

Kaizad Bharucha, Deputy Managing Director of HDFC Bank Limited, will step down on December 31, 2026, concluding a career of more than three decades with the lender. The bank confirmed his decision in a stock exchange filing on October 17, following the acceptance of his request by the Board and the Nomination and Remuneration Committee, subject to approval from the Reserve Bank of India (RBI).

Bharucha joined HDFC Bank in October 1995 and has played a significant role in shaping its corporate lending and wholesale banking businesses. He was also instrumental in developing the bank’s credit architecture, which the board recognised as one of its key institutional strengths. Elevated to Deputy Managing Director in 2023, he has overseen wholesale banking and certain retail operations in recent years.

His departure comes amid a leadership transition at the bank. Bharucha was among the contenders for the Managing Director and Chief Executive Officer (MD & CEO) position, with the board recommending him as its internal candidate. However, the RBI approved Anup Bagchi, former CEO of ICICI Prudential Life Insurance, for a three-year term. Bagchi is scheduled to take charge on October 27, 2026.