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In a major shake-up at HDFC Bank, its Deputy Managing Director Kaizad Bharucha has decided to quit, after being passed over for appointment as Managing Director & Chief Executive Officer  of India’s largest private sector bank.

This comes about a fortnight after RBI approved the Bank’s application for appointment of Anup Bagchi (former Chief of ICICI Life Insurance, who joined HDFC Bank’s board as an Additional Director with effect from October 2, 2026) as its MD & CEO for three years with effect from October 27, 2026.

Bharucha is HDFC Bank’s longest serving board member, having joined it in 2014. He was re-appointed Whole-time Director/WTD (Deputy Managing Director) of the Bank for three years with effect from April 19, 2026.

Late August 2026, Sashidhar Jagdishan decided not to seek re-appointment as the MD&CEO  of HDFC Bank for a third term amid controversy that started with the abrupt resignation of the Bank’s Part-Time Chairman in March 2026. His term ends on October 26, 2026.

The Bank on Saturday informed the exchanges that Bharucha has requested cessation from the service of the Bank with effect from the close of business hours on December 31, 2026.

“The GNRC (Governance, Nomination and Remuneration Committee) and the Board of Directors, at their respective meetings held on October 16, 2026 and October 17, 2026, respected the decision of Bharucha and accepted his request to be forwarded to the RBI for approval,” per the Bank’s filing.

With two veterans — Sashidhar and Bharucha -moving on, HDFC Bank will have two new WTDs — Bagchi and a new candidate, who could either be an insider or an outsider.

In September 2026, the Bank sought RBI’s approval for appointment of Jimmy Tata (currently Chief Credit Offocer) as a WTD designated as Executive Director) of the Bank for three years.

In a media concall, Jagdishan emphasised that HDFC Bank has been driven more by processes and not by an individual personality. Further, the depth in management is so large that the continuity and the ethos of the institution will be intact as well.

‘So Anup comes in and he will lead a team of able leaders who have been with the institution for a long time…and they will be the fulcrum (of the organisation) and ably support Anup to chart out his vision and his strategy as well. So, you know, he has about 34 years of experience in the field of financial services,” said Jagdishan, adding that “ he is a seasoned player who has been not just in banking, but also in insurance. So he has a very holistic view….So I wish him the very best, and you will hear more from him going forward.”

Bagchi, who joined the call, said: “I’m going to engage with all — the regulators, customers, stakeholders, and gather insights, and that will become a key input to our operational priorities.  And if you look at the leadership, they have spent many, many years within this system. And they know the system, they are fully committed to the institution. So, in fact, I’m very, very lucky to be a part of an institution which is solid, very sound.”

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