HDFC Bank Appoints Kaizad Bharucha as Deputy MD, Bhavesh Zaveri as ED

HDFC Bank has appointed Kaizad Bharucha as its Deputy Managing Director and Bhavesh Zaveri as Executive Director for three years, effective from April 19, 2023. The private bank player notified it through the stock exchange filing, after it got clearance from the Reserve Bank of India.

In a release, the bank said, "The RBI, in its communication dated April 19, 2023, has approved the appointment of Kaizad Bharucha as Deputy Managing Director of the bank for three years with effect from April 19." Besides, it also approved the appointment of Bhavesh Zaveri as its Executive Director for a similar term with effect from April 19, 2023. "A meeting of the Board of Directors will be convened in due course to give effect to the appointments," it added.

Bharucha is an investment banker with more than 35 years of experience in Risk Management, Credit Management, Banking and Business Management. As the bank's 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.

He has been associated with the bank since 1995. Prior to joining the bank, he worked in SBI Commercial and International Bank in various areas including Trade Finance and Corporate Banking. He has also represented the bank as a member of the working group on banking related committees.

Zaveri is currently the Group Head - Operations, Cash Management & ATM Product of HDFC Bank. He is responsible for Business and Operations across the country and for creating and delivering a flawless operations execution capability across the diversified product suite of the bank to the Corporate, MSME & Retail verticals including for Asset, for Liabilities and for Transaction Services of Payments & Cash Management, Trade Finance & Treasury and ATM Product.

He has an overall experience of over 36 years and has headed the critical functions of Operations, Cash Management and Technology at the bank. He had joined the bank in 1998 in the Operations function. He has greatly contributed to the Digital transformation of the bank by embracing technology to ensure operational efficiency and improved customer experience across different product offerings.