The country’s largest private sector lender, HDFC Bank, said on Wednesday, April 20 that the Reserve Bank Of India has approved the appointment of Kaizad Bharucha as Deputy Managing Director & Bhavesh Zaveri as Executive Director of HDFC Bank for a period of three years with effect from April 19. The RBI approval was followed by the recommendation of HDFC Bank’s Board of Directors on the same matter.
HDFC Bank and HDFC are set to merge by June-July.
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Kaizad Bharucha has been a banker for over 35 years and is associated with HDFC Bank since 1995. In his current position as 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.
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In his earlier position 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.
Kaizad Bharucha is also the Designated Director of the Financial Intelligence Unit (FIU) and Internal Ombudsmen Committee. He has rich and extensive experience in risk management, credit management, banking and business management. Prior to joining HDFC 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.
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Zaveri is the group head–operations, cash management & ATM product at HDFC Bank. In his current role, he is responsible for business and operations across corporate, MSME & retail verticals, including for asset, liabilities and transaction services of payments and cash management, trade finance and treasury, and ATM product, the bank said.
Zaveri has an experience of over 36 years and has headed the critical functions of pperations, cash management and technology at the bank. He joined HDFC in 1998 in the operations function and became business head – wholesale banking operations in 2000.
He was appointed as Group Head- Operations in 2009. In his previous role as Group Head- IT, he contributed to the digital transformation of the bank.
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Zaveri has also been a member of various committees formed by the Reserve Bank of India and 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, according to the release.
Before he joined HDFC Bank, Zaveri worked for Oman International Bank and Barclays Bank.
