Kaizad Bharucha has been named as the deputy managing director, according to HDFC Bank. The bank's executive director at the moment is Bharucha. The bank also announced in an exchange filing that Bhavesh Zaveri has been named executive director. For these appointments, the bank had asked the Reserve Bank of India's clearance.
"We wish to inform you that pursuant to the recommendations of the Nomination & Remuneration Committee, the Board of Directors of HDFC Bank at its meeting held today, has recommended to the Reserve Bank of India, re-designation of Kaizad Bharucha from current designation of executive director (whole-time director) to deputy managing director of the Bank for a period of three years as may be approved by RBI, and subsequently by the shareholders of the Bank."
Bharucha is a career banker with more than 35 years of experience and has been associated with the bank since 1995. In his current position as executive director, he is responsible for wholesale banking covering areas of corporate banking, PSUs, capital & commodities markets, financial institutions, custody, mutual funds, global capability centre & financial sponsors coverage, and banks coverage.
Bhavesh Zaveri is Group Head - Operations, Cash Management & ATM Product of HDFC Bank. In his current role, he is responsible for Business and Operations across the country.