Kaizad Bharucha seeks exit from HDFC Bank; Lily Vadera’s board term extended

MUMBAI: HDFC Bank deputy managing director Kaizad Bharucha has sought to cease his association with the bank from 31 December 2026, while the lender’s board has approved the reappointment of former Reserve Bank of India (RBI) executive director Lily Vadera as an independent director for another three years.

In a regulatory filing dated 17 October, HDFC Bank said Bharucha’s request for cessation from service, effective at the close of business on 31 December, had been accepted by its Governance, Nomination and Remuneration Committee (GNRC) and board. The request will be forwarded to the RBI for approval. The bank did not disclose a reason for his decision.

Bharucha’s departure would mark the end of an association spanning more than three decades. The GNRC and the board acknowledged his contribution to the bank’s growth, institutional development and business resilience.

They also highlighted his role in developing the lender’s credit architecture, describing him as one of the principal architects who helped conceptualise, establish and build the framework, which has become a defining institutional strength for HDFC Bank.

The GNRC considered the request on 16 October, followed by the board on 17 October.

Separately, the board approved Vadera’s reappointment as an independent director for three years, from 26 November 2026 to 25 November 2029, both dates inclusive. The reappointment is subject to shareholder approval, which the bank said would be sought shortly.

The bank confirmed that Vadera is not related to any of its other directors or key managerial personnel. It also stated that she is not debarred from holding the office of a director by any order issued by the Securities and Exchange Board of India or another authority.

Vadera brings more than 34 years of experience in central banking. She retired as an executive director of the RBI in October 2020, having been in charge of its Department of Regulation, which oversees the regulatory framework for financial-sector entities, including banks and non-banking financial companies.

During her tenure at the central bank, she represented the RBI at several international forums, including the Policy Development Group of the Basel Committee on Banking Supervision, the Financial Stability Board and G20 sub-groups on small and medium enterprise financing and green financing. She also represented the RBI on a government committee focused on SME financing.

Her work at the RBI included helping establish a regulatory sandbox to foster fintech innovation in financial services and contributing to the amalgamation of stressed banks. She also served on the Insolvency Law Committee constituted by the Ministry of Corporate Affairs.

The twin decisions come as HDFC Bank records a leadership transition alongside the continuation of its board-level governance arrangements. While Bharucha’s proposed exit awaits regulatory approval, Vadera’s reappointment remains subject to shareholder consent.