Private sector lender HDFC Bank stated that the Reserve Bank of India (RBI) has approved the re-appointment of Kaizad Bharucha as the executive director of the bank.
The bank revealed in a regulatory filing, “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 is subject to the approval of the shareholders at the ensuing annual general meeting of the bank. In his current position, Bharucha is responsible for wholesale banking spanning corporate banking, emerging corporate group, business banking, capital markets and commodities business, agri lending, among others.
Reportedly, Bharucha is one of the contenders for the top job at HDFC Bank after its long-serving Managing Director Aditya Puri, whose term is due to expire on 26 October 2020. In November last year, the lender had kick-started the much-awaited process of finding a successor to Puri.
In April this year, the bank has submitted its application to the Reserve Bank of India (RBI) with the names of candidates in the order of preference to seek a nod for the appointment. However, HDFC has not revealed the names of the candidates who are in line to succeed Puri. Puri, who built HDFC Bank from scratch since its inception in 1994 has made it the second-largest lender in the country with more than Rs 9 lakh crore assets and is the highest-paid banker in the country.