HDFC Bank's deputy managing director Kaizad Bharucha has requested to step down from his position effective December 31, 2026, the bank announced in an exchange filing. Bharucha, one of the longest-serving executives at the lender, joined HDFC Bank in 1995 and has been deputy MD since April 2023, bringing nearly four decades of banking experience, according to livemint.com.
The bank’s governance and risk committee (GNRC) and board of directors met on October 16 and 17, 2026, respectively, to accept Bharucha’s decision and agreed to forward his resignation to the Reserve Bank of India (RBI) for approval. This move comes amid a broader leadership transition at HDFC Bank, which recently appointed Anup Bagchi, a veteran from ICICI Bank, as managing director and CEO starting October 27, 2026, after RBI clearance.
Bharucha was among the candidates considered to succeed Sashidhar Jagdishan as MD and CEO, who retires on October 26, 2026. The bank had submitted two names in order of preference to the RBI for approval. The leadership change marks a significant shift for India’s largest private sector lender, which follows RBI’s ‘fit and proper’ criteria for all major banking appointments.
The bank’s filing confirmed the acceptance of Bharucha’s resignation request and its submission to the RBI, which is the final authority for approval. The transition period will see Bharucha’s exit by the end of 2026, while Bagchi assumes charge as MD and CEO from October 27, 2026.