HDFC Bank deputy managing director seeks December 31 departure

Kaizad Bharucha, the deputy managing director of HDFC Bank, has sought to depart the Indian lender on December 31, 2026, The Economic Times reported on October 17. The bank’s board accepted the request that day, but the proposed departure still requires approval from the Reserve Bank of India.¹

Request moves to the regulator

The Group Nomination and Remuneration Committee accepted Bharucha’s request on October 16, before the board considered it the following day, the newspaper reported. HDFC Bank will send the request to the RBI for approval. The board’s acceptance therefore does not complete the approval process described in the report.¹

Bharucha’s proposed exit comes alongside a change in the bank’s most senior executive position. In its October 17 report, The Economic Times said the RBI had authorised Anup Bagchi's appointment as the next managing director and chief executive, replacing Sashidhar Jagdishan. Bagchi is scheduled to assume those responsibilities on October 27, according to the newspaper.¹

Succession and tenure

Bharucha was one of two candidates HDFC Bank put forward to the RBI for the top position, The Economic Times reported. Citing people familiar with the succession process, it said the regulator favoured a candidate who could serve longer at the bank. That account of the regulator’s preference rests on those people’s description of the process.¹

According to the newspaper, central bank regulations impose a 15-year cap on uninterrupted tenure in the roles of managing director, chief executive and whole-time director. Bharucha became a whole-time director in June 2014 and would have reached that limit in June 2029, according to the report. His requested departure date is earlier than that ceiling.¹

Board recognises contribution

In accepting the request, the board recorded its appreciation for Bharucha’s work, The Economic Times reported. It credited him with helping develop the bank’s credit framework, describing him as one of its “principal architects”. HDFC Bank called that framework one of its “defining institutional strengths”, according to the same report.¹

Bharucha has held several senior roles at HDFC Bank and worked across corporate banking, credit and risk, the newspaper reported. Its account of the board’s acknowledgement focused on that institutional contribution, while its coverage of the departure also set out his place in the succession process and the tenure limit.¹