RBI approves appointment of Kaizad Bharucha as deputy MD of HDFC Bank

Central bank also approves Bhavesh Zaveri's appointment as private lender's executive director

The Reserve Bank of India (RBI) has approved the appointment of Kaizad Bharucha as the deputy managing director of HDFC Bank for three years from April 19, 2023, the private sector lender told stock exchanges on Thursday.

The RBI also approved Bhavesh Zaveri’s appointment as HDFC Bank’s executive director for a period of three years, with effect from April 19.

HDFC Bank, which is India’s largest private sector lender, had recommended the two appointments to the central bank back in November 2022. It is appointing a deputy managing director five years after Paresh Sukthankar resigned.

Bharucha has more than 35 years of experience in banking and he has been associated with HDFC Bank since 1995. Before his new assignment, Bharucha was executive director responsible for wholesale banking. He previously worked at SBI Commercial and International Bank.

Zaveri, before being appointed as executive director, was group head–operations, cash management & ATM product. He joined HDFC Bank in 1998 in an operations function and moved up the ladder. Zaveri worked for Oman International Bank and Barclays Bank before that.

The bank is in the process of merging HDFC Ltd’s business with itself and expects the process to be completed in July. The lender said it has applied to the stock market and the insurance regulators to approve the merger, as there will be ownership changes.

Shares of the lender were trading 0.24 per cent higher on the BSE at Rs 1,669.90.