HDFC Bank’s deputy managing director Kaizad Bharucha has sought to step down from his position at the bank, effective December 31, 2026, the lender said in an exchange filing on Saturday.
One of HDFC Bank’s longest-serving executives, Bharucha joined the lender in 1995 and became a board member in 2014. He has served as deputy MD since April 2023 and brings nearly four decades of banking experience.
“The GNRC and the Board of Directors, at their respective meetings held on October 16, 2026 and October 17, 2026, respected the decision of Mr. Bharucha and accepted his request to be forwarded to the Reserve Bank of India for approval,” said the bank in its filing.
A period of leadership transition
The development comes at a time when India’s largest private sector lender is in the midst of a leadership change.
Earlier this month, HDFC Bank appointed ICICI Bank veteran Anup Bagchi as its managing director and chief executive officer (CEO) for a three-year term from October 27, paving the way for an outsider to assume charge.
The Reserve Bank of India (RBI) approved his appointment after reviewing his candidature and assessing his suitability under its ‘fit and proper’ criteria. The same process is followed for all major banks in the country.
According to a PTI report, the bank initially submitted two names in order of preference and remuneration to fill the position of MD and CEO after Sashidhar Jagdishan retires on October 26, 2026.
Bharucha was reportedly one of the candidates. He was considered a strong contender, having co-chaired HDFC Bank’s Integration Committee and held several key leadership roles within the bank.
All about Kaizad Bharucha
Before joining HDFC Bank, the senior executive worked with SBI Commercial and International Bank.
Bharucha is a BCom graduate from Sydenham College of Commerce and Economics under the University of Mumbai.