3 min readOct 17, 2026 07:41 PM ISTBharucha has played a key role in its lending and risk-management operations. (Image: HDFC Bank/Website)Kaizad Bharucha, Deputy Managing Director of HDFC Bank, has sought to step down from the bank’s services with effect from December 31, 2026, after an association spanning more than three decades. Bharucha was among the contenders for the post of managing director and CEO of the bank, but Anup Bagchi was recommended for the position by the Reserve Bank of India (RBI).In a regulatory filing on Saturday, HDFC Bank said its Governance, Nomination and Remuneration Committee (GNRC) and the board of directors had accepted Bharucha’s request at their respective meetings held on October 16 and October 17. The request will be forwarded to the RBI for approval.Bharucha’s decision comes amid the process to identify the bank’s next chief executive, with Bagchi emerging as the preferred candidate following the RBI’s recommendation. The leadership transition is significant for HDFC Bank, which has been navigating the integration of its banking and mortgage businesses following the merger with Housing Development Finance Corporation in 2023.Banking sources said Bharucha was upset at being overlooked for the top job, with the RBI recommending Anup Bagchi for the MD and CEO position instead. The decision to bring in Bagchi, an executive from the ICICI group, is understood to have added to Bharucha’s disappointment, the sources said.Also Read | Deepak Parekh, Paresh Sukthankar to advise Fairfax on IDBI Bank: Prem WatsaBharucha has played a key role in its lending and risk-management operations. His departure, subject to the necessary regulatory process, marks the exit of a senior executive closely associated with the bank’s credit systems.The bank’s board placed on record its appreciation for Bharucha’s contribution to its growth and institutional development. It particularly acknowledged his role in building the lender’s credit architecture, describing it as one of the bank’s defining institutional strengths.The directors recognised Bharucha as one of the principal architects who helped conceptualise, establish and develop the framework, which has contributed to the strength and resilience of the bank’s business.Story continues below this adIn the same filing, HDFC Bank said its board had approved the reappointment of Lily Vadera as an independent director for three years, from November 26, 2026, to November 25, 2029, subject to shareholder approval.© The Indian Express Pvt Ltd Tags:HDFC BankAdvertisementLoading Recommendations...AdvertisementLive BlogIndia Vs West Indies Live Score, 5th T20I: Rain delays toss in Bengaluru15 minutes agoIran-US War Live News Updates: Tanker struck by unknown projectile off Saudi Arabia on Friday, UKMTO says45 minutes agoJailer 2 Box Office Collection Day 2 Live Updates: Rajinikanth film beats Dhurandhar 2 for 2026’s biggest international opening; earns Rs 213 cr worldwide52 minutes agoIndia News Live Updates, 17 October 2026: BJP veteran LK Advani stable in ICU, under close observation1 hour agoIndia News 16 October 2026: Abhijeet Dipke, Neha Bora detained, Delhi CJP protest ends with scuffles22 hours agoAdvertisement