HDFC Bank's Kaizad Bharucha quits after missing out on top job
HDFC Bank Deputy Managing Director Kaizad Bharucha has asked to leave the bank on December 31, the Indian Express and BusinessLine reported. Bharucha had been in the running to lead the bank. The Reserve Bank of India instead approved Anup Bagchi for the top job on October 1, the bank's filing shows.
Kaizad Bharucha, the deputy managing director of HDFC Bank, has asked to leave the bank on December 31, 2026, the Indian Express and BusinessLine reported, citing a filing by the bank on Saturday. The bank's nomination committee and board accepted his request at meetings on October 16 and October 17, and it will go to the Reserve Bank of India for approval, the outlets reported.
Bharucha had been a contender to become the bank's managing director and chief executive, the outlets reported. Anup Bagchi got the job instead, the outlets reported. The Reserve Bank of India approved Bagchi as managing director and chief executive on October 1, for three years starting October 27, 2026, HDFC Bank said in a stock exchange filing that day. BusinessLine reported the same approval and start date.
Banking sources said Bharucha was upset at being passed over for the top job, the Indian Express reported. Bagchi is a former ICICI group executive, the outlets reported.
Bharucha has been with the bank for more than three decades, the Indian Express reported. BusinessLine reported that he is the bank's longest-serving board member. The board credited him with building the bank's credit framework, the Indian Express reported.
Current chief executive Sashidhar Jagdishan decided in late August not to seek a third term, and his term ends October 26, BusinessLine reported. In September, the bank asked the central bank to approve Jimmy Tata, its chief credit officer, as an executive director, BusinessLine reported. With Jagdishan and Bharucha leaving, the bank will have two new whole-time directors, the outlet reported.
On a media call, Jagdishan said Bagchi "is a seasoned player who has been not just in banking, but also in insurance," BusinessLine reported. Bagchi said he felt "very, very lucky to be a part of an institution which is solid, very sound," the outlet reported.
The bank's board also reappointed Lily Vadera as an independent director for three years, subject to shareholder approval, the Indian Express reported.
What we know: Bharucha has asked to leave HDFC Bank on December 31, pending central bank approval.
What we don't: Who will fill his whole-time director seat.
Where outlets agree The Indian Express and BusinessLine report that Kaizad Bharucha has asked to leave HDFC Bank on December 31, after Anup Bagchi was chosen for the top job.
Where they differ The outlets cited here report the same key facts so far.