HDFC Bank Deputy MD Kaizad Bharucha Resigns, RBI Approval Sought For December 31 Exit

HDFC Bank Deputy Managing Director Kaizad Bharucha has sought to step down from the lender on December 31, 2026, after more than three decades with the bank. His departure, subject to approval from the Reserve Bank of India (RBI), comes days before Anup Bagchi takes charge as the bank’s new managing director and chief executive officer.

In a regulatory filing on October 17, HDFC Bank said Bharucha had requested cessation of his services at the close of business on December 31. The bank’s Governance, Nomination and Remuneration Committee accepted the request on October 16, followed by the board of directors on October 17. The request will now be forwarded to the RBI for approval.

The bank acknowledged Bharucha’s contribution to its growth and institutional development, particularly his role in establishing its credit framework. It described the bank’s credit architecture as one of its defining strengths and recognised Bharucha as one of the principal architects who helped conceptualise and develop it.

Bharucha joined HDFC Bank in October 1995 and became deputy managing director in April 2023. During his career, he handled several important businesses, including retail assets, rural banking, small and medium enterprises, emerging corporates and corporate banking. He also played a significant role in strengthening the lender’s credit and risk operations.

According to media reports, Bharucha was among the contenders for the bank’s top job. However, the RBI approved Anup Bagchi’s appointment as managing director and CEO for a three-year term beginning October 27, 2026. Bagchi, a veteran of the ICICI Group, will succeed Sashidhar Jagdishan, marking the bank’s first appointment of an external chief executive.

HDFC Bank’s leadership transition comes amid heightened scrutiny of its governance. In March, its then part-time chairman, Atanu Chakraborty, resigned unexpectedly, citing differences between certain developments and practices at the bank and his personal values and ethics. His departure raised questions about governance at one of India’s largest private-sector lenders.

The bank is now preparing for a change at the top while seeking to maintain investor confidence and business momentum. Bharucha’s exit marks another significant development in its leadership transition as the lender works to address governance concerns and strengthen confidence in its operations.