Private sector lender HDFC Bank announced that their decision on re-appointment of Kaizad Bharucha as the executive director of the bank, has received the final go ahead from the Reserve Bank of India (RBI).
In its regulatory filling the bank revealed, “Pursuant to the regulations, and further to our intimation dated 18 January 2020, we wish to inform you that the Reserve Bank of India, vide its communication dated 12 June, 2020, has accorded its approval to the bank for re‐appointment of Kaizad Bharucha as executive director of the bank for a period of three years with effect from 13 June.”
The re‐appointment of Bharucha is subject to final approval from the shareholders, which is likely to come during at the annual general meeting of the bank. In his current work profile, Bharucha supervises wholesale banking, corporate banking, emerging corporate group, business banking, capital markets and commodities business, agriculture lending, and others.
As reported across media, Barucha is one of the leading contenders to be the successor of Aditya Puri after the later retires on 26 October 2020. In November 2019, the bank started its search for a successor to Puri.
In April, the lender filled its application to the Reserve Bank of India (RBI) with the zeroed names of candidates in the order of preference to look for a nod for the appointment. However, lender made no revelations on names of the candidates who are selected to succeed Puri.