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Photo: Mint
Photo: Mint

RBI approves re-appointment of HDFC Bank's Kaizad Bharucha

Kaizad Bharucha’s re‐appointment, the bank said, is subject to the approval of the shareholders at the ensuing annual general meeting of the bank

Private sector lender HDFC Bank on Saturday said that the Reserve Bank of India (RBI) has approved the re-appointment of Kaizad Bharucha as the executive director of the bank.

“Pursuant to the regulations, and further to our intimation dated 18 January, 2020, we wish to inform you that the Reserve Bank of India, vide its communication dated 12 June, 2020, has accorded its approval to the bank for re‐appointment of Kaizad Bharucha as executive director of the bank for a period of three years with effect from 13 June," it said in a regulatory filing.

Bharucha’s re‐appointment, the bank said, is subject to the approval of the shareholders at the ensuing annual general meeting of the bank.

In his current position, Bharucha is responsible for wholesale banking covering areas of corporate banking, emerging corporate group, business banking, capital markets and commodities business, agri lending, among others.

He is reportedly one of the contenders for the top job at HDFC Bank after its long-serving managing director Aditya Puri.

In November last year, the lender had also informed stock exchanges that it kick-started the much-awaited process of finding a successor to Puri, whose tenure ends on 26 October. In May 2018, Puri had told analysts that the bank will start the process of identifying his successor. At the annual general meeting last year, Puri had said that his replacement should be better than him and should not require 18 months handholding for the job.

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