HDFC Bank Deputy Managing Director Kaizad Bharucha has sought to step down from the bank’s service with effect from the close of business hours on December 31, 2026, the lender said in a stock exchange filing on Saturday, October 17.
The bank’s Governance, Nomination and Remuneration Committee (GNRC), at its meeting on October 16, and the board of directors, at its meeting on October 17, accepted Bharucha’s request, which will be forwarded to the Reserve Bank of India (RBI) for approval.
The bank said the committee and board placed on record their appreciation for Bharucha’s contribution over an association spanning more than three decades. It particularly acknowledged his role in conceptualising, establishing and developing the bank’s credit architecture, which it described as one of its defining institutional strengths.
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Bharucha joined HDFC Bank in October 1995 and became Deputy Managing Director in April 2023. He has been responsible for several businesses, including retail assets, rural banking, small and medium enterprises, emerging corporates and corporate banking.
Bharucha’s exit follows HDFC Bank CEO succession race
Bharucha’s exit comes after he emerged as a leading internal contender to succeed Managing Director and Chief Executive Officer Sashidhar Jagdishan, who is due to step down at the end of his term on October 26, 2026.
Media reports in August and September said HDFC Bank had considered Bharucha alongside an external candidate for the top job. The bank subsequently confirmed that it had submitted two names to the RBI but did not disclose the candidates’ identities.
Bharucha joined the bank’s board in 2014 and is its longest-serving executive board member, according to the bank’s website. Reports had also noted that regulatory tenure limits could affect his eligibility for a full three-year term as chief executive.
The company did not state the reason for Bharucha’s decision to leave or disclose the identity of the candidates submitted to the RBI.
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