HDFC Bank elevates Bharucha as Deputy MD, appoints Zaveri as ED

Decision comes ahead of merger; RBI had halted move ahead of Aditya Puri's retirement

HDFC Bank, the largest private-sector lender in the country, has decided to elevate Kaizad Bharucha as deputy managing director and appoint Bhavesh Zaveri to the board as whole-time executive director.

The appointments await approval by the Reserve Bank of India (RBI).

The move comes ahead of the merger of HDFC and HDFC Bank, which is likely by April next year.

Bharucha is executive director (and a whole-time board member) of the bank and looks after corporate loans while Zaveri is group head (operations and ATM products).

The last deputy managing director was Paresh Sukthankar, who resigned in August 2018.

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