Kaizad Bharucha and Bhavesh Zaveri have been appointed as DMD and ED, according to HDFC Bank, with RBI approval.
On April 20, HDFC Bank, the largest private sector lender in the nation, announced that two high-level management appointments had received RBI approval.
The nomination of Bhavesh Zaveri as Executive Director for a term of three years beginning on 19 April and that of Kaizad Bharucha as Deputy Managing Director (DMD) were approved by the board, the bank informed exchanges.
To put these selections into effect, the board of directors will meet, according to the bank.
By June or July, HDFC Bank and HDFC are expected to combine.
Bharucha has worked as a banker for more than 35 years and has been connected to HDFC Bank since 1995. According to a press release, Bharucha is currently the Executive Director of a global capability centre and is in charge of wholesale banking, which includes corporate banking, PSUs, capital and commodities markets, financial institutions, custody, mutual funds, and banks coverage.
According to the bank, Bharucha was previously an executive director who oversaw corporate banking, the Emerging Corporates Group, business banking, and healthcare finance, among other things.
Bharucha formerly worked for SBI Commercial and International Bank in a number of capacities, including corporate banking and trade finance, before joining HDFC Bank. According to the press release, he also represented the bank by serving as a working group member 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 appointed 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 many 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.