Based on the recommendations of Nomination & Remuneration Committee, the Board of Directors of HDFC Bank, has approved the re-appointment of Mr. Kaizad Bharucha (DIN: 02490648) as Deputy Managing Director of the Bank subject to approval of the Reserve Bank of India (“RBI”) for a period of 3 (three) years from such date and for such period as may be approved by RBI and subsequently by the shareholders of the Bank. The initial appointment of Mr. Bharucha as an Executive Director of the Bank was approved by RBI with effect from June 13, 2014. Mr. Bharucha is not related to any other Director or Key Managerial Personnel of the Bank and is not debarred from holding the office of a director, by virtue of any SEBI order or any other such authority.
About Mr. Kaizad Bharucha – Deputy Managing Director, HDFC Bank
Mr. Kaizad Bharucha joined HDFC Bank in October 1995 and has been part of the bank’s growth journey for nearly three decades. He joined the Board of Directors in 2014 and is the longest-serving Executive Board Member. In April 2023, he was appointed as the Deputy Managing Director of the bank. Before joining HDFC Bank, Mr. Bharucha worked with SBI Commercial and International Bank Ltd. from 1986 to 1995. He holds a Bachelor’s degree in Commerce from Sydenham College of Commerce and Economics, University of Mumbai.
Leadership and Key Contributions
Mr. Bharucha has played a vital role in shaping HDFC Bank’s strategy and growth. His experience covers important areas such as Retail and Wholesale Banking, Credit, and Risk Management. He has also led the Inclusive Banking Initiatives Group (IBIG), which works on implementing government-led financial inclusion programs. Mr. Bharucha has been known for his ability to design policies, processes, and risk frameworks that help the bank adapt to a fast-changing financial environment. He has contributed to the successful mergers and acquisitions of the bank, ensuring smooth integration of acquired institutions. He has also been deeply involved in the bank’s Corporate Social Responsibility (CSR) programs.
Current Responsibilities
As Deputy Managing Director, Mr. Bharucha provides strategic direction to the bank’s Assets business. His responsibilities cover a wide range of areas including:
- Retail loans: Home Loans, Auto Loans, Two-Wheeler Loans, Personal Loans, and Business Loans.
- Rural and MSME Banking: Sustainable Livelihoods, Micro and Small Enterprises, and Transportation Finance.
- Wholesale Banking: Emerging Corporates, Healthcare Finance, and Corporate Banking.
In his earlier role, he also led Capital Markets, Commodities, and Custody Business. Currently, he also oversees CSR, ESG, and Inclusive Banking Initiatives.
Mr. Bharucha has been instrumental in building HDFC Bank’s strong risk management framework. He helped set up the Risk Intelligence and Control (RIC) division and led the implementation of BASEL II norms. He also introduced key measures such as RAROC (Risk Adjusted Return on Capital) to improve capital efficiency. He has strengthened the bank’s collections and recovery systems, ensuring that HDFC Bank maintains its position as one of India’s most financially sound institutions.
Under Mr. Bharucha’s guidance, HDFC Bank has achieved consistent and stable growth even in challenging market conditions. He has also led several technology transformation initiatives, especially in the Wholesale Banking and Credit segments. He is known for mentoring young leaders and building the next generation of leadership within the bank.
Under his leadership, HDFC Bank’s CSR efforts have been ranked among the top three in India. The bank has made significant contributions towards community development, education, healthcare, and sustainable livelihoods. He also played a major role in expanding the bank’s participation in key Government of India schemes, including:
- Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Atal Pension Yojana (APY)
- National Pension System (NPS)
- Pradhan Mantri Mudra Yojana (PMMY)
- Stand-Up India Scheme
- Prime Minister Employment Generation Program (PMEGP)
HDFC Bank also ranks No. 1 among private sector banks in implementing the Pradhan Mantri SVANidhi Scheme.
Mr. Bharucha played a key role in HDFC Bank’s merger and acquisition journey. He was part of the core team that handled the merger of Times Bank in 1999 and Centurion Bank of Punjab in 2008. Most recently, he co-chaired and led the Integration Committee responsible for the successful merger of HDFC Ltd. with HDFC Bank — one of the largest mergers in India’s corporate history.
Roles Beyond HDFC Bank
Mr. Bharucha also serves as the Designated Director for the Financial Intelligence Unit (FIU) and the Internal Ombudsman Scheme. He has been part of several RBI committees and government-appointed panels, where he provides expert inputs on banking policies. He also represents HDFC Bank as a Non-Executive Director on the boards of:
- HDFC Life Insurance Company Ltd.
- HDFC Capital Advisors Ltd.
- HDFC Securities IFSC Ltd.
Board Committees
Mr. Bharucha is a member of the following committees of HDFC Bank’s Board:
- Stakeholders’ Relationship Committee
- CSR & ESG Committee
- Fraud Monitoring Committee
- Credit Approval Committee
- Committee for Resolution of NCLT Matters
Legacy of Leadership
Through his long career, Mr. Kaizad Bharucha has become one of the most respected leaders in Indian banking. His focus on strong governance, risk discipline, financial inclusion, and employee growth has helped HDFC Bank maintain its reputation as India’s largest and most trusted private sector bank.
