HDFC Bank on Thursday said that the Reserve Bank of India has approved the appointment of Kaizad Bharucha as Deputy Managing Director and Bhavesh Zaveri as Executive Director for a period of three years, with effect from April 19, 2023. HDFC Bank had, on November 24, 2022, made its recommendation to the RBI for redesignation. “In continuation of our intimation dated November 24, 2022, we wish to inform you that pursuant to an application which was made by the Bank to the Reserve Bank of India (RBI) upon recommendation of the Bank’s Board of Directors in this regard,” HDFC Bank said in a regulatory filing, adding that the RBI has approved the appointment.
Kaizad Barucha has worked with the HDFC Bank since 1995, and prior to his elevation was an Executive Director at the bank. With more than 35 years of total experience, as Executive Director he was responsible for corporate banking, emerging corporates group, business banking, healthcare finance, agri lending, tractor financing, commercial vehicle finance, commercial equipment finance, infrastructure finance, department for special operations and inclusive banking initiatives group. Prior to joining HDFC Bank, he worked in SBI Commercial and International Bank in various areas including trade finance and corporate banking.
Earlier last week, HDFC Bank posted 19.8 per cent growth year-on-year in net profit to Rs 12,047.5 crore for the fourth quarter ending March 31, 2023 (Q4FY23). Net interest income (NII) jumped by 23.7 per cent to Rs 23,351.8 crore in the quarter under review. The bank also showed healthy growth in deposits and credit, while the bank’s asset quality continued to be stable.