Ahead of Anup Bagchi taking charge, Kaizad Bharucha, deputy managing director of HDFC Bank, has “requested cessation” from service from 31 December; he had played a key role in building the bank’s credit architecture.
Ahead of Anup Bagchi taking charge, Kaizad Bharucha, deputy managing director of HDFC Bank, has offered to quit with effect from 31 December.
Bharucha was one of the two contenders for the post of managing director and CEO of the country’s largest private sector bank. Despite spending over three decades at the bank, the Reserve Bank of India (RBI) preferred an ‘outsider’ CEO and approved Bagchi, an ICICI Group veteran, for the position.
Bharucha, who has been with the bank since 1995 and played a key role in building the lender’s credit architectecture, “requested cessation” from service from 31 December, the lender said in a regulatory filing on Saturday.
The HDFC Bank board accepted Bharucha's request to be forwarded to the RBI for approval.
Bagchi will assume his role as MD and CEO of HDFC Bank on 27 October.
