The largest private lender in the nation, HDFC Bank, announced on Wednesday, April 20, that Kaizad Bharucha and Bhavesh Zaveri have been appointed by the Reserve Bank of India to their respective positions, effective as of April 19, for a three-year term as executive director and deputy managing director, respectively. After the RBI’s clearance, the Board of Directors of HDFC Bank recommended doing the same thing.
By June or July, HDFC Bank and HDFC are expected to combine.
After 35 years as a banker, Kaizad Bharucha has been connected to HDFC Bank since 1995. He oversees wholesale banking in his present role as Executive Director, which includes corporate banking, PSUs, capital and commodities markets, financial institutions, custody, mutual funds, global capability centers & financial sponsors coverage, and banks coverage.
In his previous role as Executive Director, Bharucha was in charge of the department for special operations, the inclusive banking initiatives group, the emerging corporates group, business banking, healthcare finance, agri lending, tractor financing, commercial vehicle financing, commercial equipment financing, and infrastructure financing.
In addition, Kaizad Bharucha serves as the Internal Ombudsmen Committee’s Designated Director and the FIU’s Designated Director. He has a wealth and depth of expertise in banking, company management, risk management, and credit management. He has held positions in corporate banking and trade finance at SBI Commercial and International Bank before joining HDFC Bank. He has also served as a working group representative for the bank on committees with a focus on banking.
At HDFC Bank, Zaveri oversees operations, cash management, and ATM products. According to the bank, he is now in charge of business and operations for the corporate, MSME, and retail verticals, as well as asset, liabilities, and transaction services for payments and cash management, trade finance, treasury, and ATM products.
With over 36 years of expertise, Zaveri has led the bank’s crucial operations, cash-management, and technology departments. He began working with HDFC in 1998 in the operations department, and in 2000 he was promoted to business head of wholesale banking operations.
In 2009, he was named group head of operations. He helped the bank go digital while serving as Group Head-IT in his prior position.
According to the press release, Zaveri has also served on the boards of the clearing corporation of India, HDFC Securities Ltd, HDB Financial Services Ltd, and Swift India Pvt Ltd. He has also been a member of numerous committees established by the Reserve Bank of India and Indian Banks’ Association.
Zaveri had held positions at Barclays Bank and Oman International Bank before joining HDFC Bank.
