The Reserve Bank of India (RBI) approved the nomination of Kaizad Bharucha as HDFC Bank’s deputy Managing Director for three years from April 19, 2023, the private sector lender announced on Thursday.
The RBI also accepted Bhavesh Zaveri’s appointment as Executive Director of HDFC Bank for a three-year term beginning April 19.
The two appointments were suggested to the central bank by HDFC Bank, India’s largest private sector lender, in November 2022. The bank is recruiting a deputy managing director five years after Paresh Sukthankar resigned.
Bharucha has more than 35 years of banking experience and has been with HDFC Bank since 1995. Bharucha was previously the executive director, and in charge of wholesale banking. Formerly, he was employed with SBI Commercial and International Bank.
Zaveri was previously the group head of operations, cash management, and ATM product before being appointed executive director. He started at HDFC Bank in 1998 as an operations officer and worked his way up the ranks. Zaveri formerly worked at Oman International Bank and Barclays Bank.
The bank is in the process of absorbing HDFC Ltd’s operations, which it intends to finish in July.