Key Points of HDFC Bank Deputy MD & Executive Director Appointment by RBI
- HDFC Bank announced the appointment of Kaizad Bharucha as Deputy Managing Director and Bhavesh Zaveri as Executive Director for a period of three years effective from April 19th.
- The Reserve Bank of India approved the appointment of Bharucha and Zaveri, following the recommendation of HDFC Bank’s Board of Directors.
- Bharucha has been associated with HDFC Bank since 1995 and has over 35 years of experience in banking.
- As Executive Director, Bharucha is currently responsible for wholesale banking, including corporate banking, PSUs, capital and commodities markets, financial institutions, custody, mutual funds, global capability center, financial sponsors coverage, and bank coverage.
- Zaveri, with over 36 years of experience, is the Group Head–Operations, Cash Management and ATM Product at HDFC Bank.
- HDFC Bank and HDFC are expected to merge by June-July.
- Bharucha worked at SBI Commercial and International Bank in various areas, including trade finance and corporate banking, before joining HDFC Bank, while Zaveri worked for Oman International Bank and Barclays Bank before joining HDFC Bank.
Details of HDFC Bank Deputy MD & Executive Director Appointment by RBI
India’s largest private sector bank, HDFC Bank, announced on Wednesday, April 20, that Kaizad Bharucha has been appointed as Deputy Managing Director and Bhavesh Zaveri as Executive Director for a period of three years with effect from April 19. The Reserve Bank of India approved the appointment, following the recommendation of HDFC Bank’s Board of Directors.
Bharucha, who has been associated with HDFC Bank since 1995, has more than 35 years of experience in banking. As Executive Director, he is currently responsible for wholesale banking, including corporate banking, PSUs, capital and commodities markets, financial institutions, custody, mutual funds, global capability center, financial sponsors coverage, and bank coverage.
In his previous role as Executive Director, Bharucha 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. Bharucha is also the Designated Director of the Financial Intelligence Unit (FIU) and Internal Ombudsmen Committee.
Zaveri, who has over 36 years of experience, is the Group Head–Operations, Cash Management and ATM Product at HDFC Bank. In his current role, he is responsible for business and operations across corporate, MSME and retail verticals, including assets, liabilities, and transaction services of payments and cash management, trade finance, treasury, and ATM products.
Zaveri joined HDFC Bank in 1998 in the operations function and became business head – wholesale banking operations in 2000. He was appointed as Group Head-Operations in 2009. Zaveri has also been a member of various committees formed by the Reserve Bank of India and the Indian Banks’ Association and has served on the board of the clearing corporation of India, HDFC Securities Ltd, HDB Financial Services Ltd & Swift India Pvt Ltd.
HDFC Bank and HDFC are expected to merge by June-July. Prior to joining HDFC Bank, Bharucha worked at SBI Commercial and International Bank in various areas, including trade finance and corporate banking. Zaveri, on the other hand, worked for Oman International Bank and Barclays Bank before joining HDFC Bank.
About HDFC Bank:
As of April 2021, Mumbai-based HDFC Bank Ltd is the largest private sector bank in India in terms of assets and the 10th largest bank globally by market capitalization. The company primarily provides banking and financial services.
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