Kaizad Bharucha may emerge as a power house amid HDFC Bank's boardroom battle  

HDFC Bank shares see profit booking in trade.

• Atanu Chakraborty resigned citing ethical concerns on March 17
• Kaizad M Bharucha to assume greater duties at HDFC Bank
• HDFC Bank stock dropped 5.1 percent after Chakraborty's exit

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The resignation of part-time chairman Atanu Chakraborty on March 17 has put the spotlight on Kaizad M Bharucha, the current deputy managing director (DMD) at HDFC Bank, who is set to assume more responsibilities.

In a conference call on March 19, newly appointed interim chairman Keki Mistry mentioned that Bharucha would be taking up more responsibilities, although he said it was premature to outline any of them. He said that the organisational structure would be re-examined and further announcements would follow.

“He handles the asset business of the balance sheet, which reflects the respect and stature he commands within the organisation, both at the board and at the management level. So that will continue. In fact, he will only get more responsibilities as we move forward,” Mistry said.

Armed with a bachelor’s degree in commerce, Bharucha started his career in SBI Commercial and International Bank in 1986. He moved to HDFC in 1995 and has remained with the bank ever since, donning various hats over a three-decade-long career.

Recently, in January 2026, the Reserve Bank of India (RBI) approved his re-appointment as whole-time director of the bank for a further 3 years, with effect from April this year.

The increase in responsibilities comes at a time when Bharucha is overseeing a broad spectrum of work within the bank. In 2014, Bharucha was first appointed to the board as an executive director and also became the head of wholesale banking. The investment banking (IB) portfolio also came under Bharucha in the same year, taking over from Rakesh Singh, the person who had built the IB unit from scratch.

In 2023, he was elevated to DMD, a position that was vacant for almost five years after the exit of Paresh Sukthankar. With that move, he became in charge of the retail banking segment, which was earlier under the leadership of Rahul Shukla.  Bharucha was given a second term as DMD in 2025. At present, he is among the longest-serving executives at India’s largest private lender.

He was also part of the integration committee as a co-chair, which oversaw the merger between HDFC Ltd and HDFC Bank back in 2023. He also serves on the boards of other HDFC entities such as HDFC Life, HDFC Securities, and HDFC Capital Advisors giving him broader oversight of the HDFC financial ecosystem.

Interestingly, Bharucha was not on the call held with analysts on Thursday morning. This was due to a routine medical check-up, according to the management.

The emergency call was arranged after Chakraborty suddenly stepped down with immediate effect, citing ethical concerns in a resignation letter dated March 17. In his letter, Chakraborty had mentioned that, “certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence with my personal values and ethics.” He did not elaborate on what these issues were.

Although the bank has said that there is no power struggle within the organisation, and there will be no hit to operational profitability, investors have expressed their disappointment in the manner the stock sold off on March 19, when it ended 5.1 percent down to Rs 799.70 apiece on the Bombay Stock Exchange