HDFC Bank Dy MD Kaizad Bharucha quits; was in race for MD post

HDFC Bank's Deputy Managing Director Kaizad Bharucha has requested permission to resign from his position on December 31, 2026, after a career spanning over three decades at the private sector lender. The bank's board has accepted his request following approval from the Governance, Nomination and Remuneration Committee (GNRC). The decision to step down will be submitted to the Reserve Bank of India (RBI) for regulatory approval.

The move comes as Anup Bagchi, formerly linked with ICICI Group, will assume the role of Managing Director and Chief Executive Officer of HDFC Bank on October 27, 2026. The board and nomination committee have recognized Bharucha's significant contributions to the bank's expansion and institutional development, particularly in building the lender's credit architecture, which he helped conceptualize and develop.

HDFC Bank's board and nomination committee have acknowledged Bharucha's significant contributions to the bank's expansion and institutional development. However, the exchange filing does not disclose the reasons behind his decision to resign, and his departure is contingent upon RBI's approval.