RBI approves re-appointment of Kaizad Bharucha as ED, says HDFC Bank

HDFC Bank on June 13 said that the Reserve Bank of India (RBI) has approved the re-appointment of Kaizad Bharucha as Executive Director of the bank for a period of three years with effect from June 13, 2020.

Bharucha's re-appointment is subject to the approval of the shareholders at the annual general meeting of the bank, the bank said.

Bharucha is among the names speculated to succeed outgoing CEO Aditya Puri, whose term is to end in October this year.

In April, the RBI had put on hold the appointment of two key members on the board of HDFC Bank until a new CEO takes charge. The central bank had put on hold the appointments of Shashidhar Jagdishan as an additional director and Bhavesh Zaveri as a whole-time director.

Bharucha has been associated with the bank since 1995. As HDFC Bank ED, Bharucha is responsible for a range of businesses including wholesale banking covering areas of Corporate Banking, Emerging Corporate Group, Business Banking among others.

In his previous position as Group Head - Credit and market risk, Bharucha was responsible for the risk management activities in the Bank including credit risk, market risk, debt management.