HDFC Bank’s Board of Directors has approved the re-appointment of Mrs. Lily Vadera as an Independent Director for a period of three years, effective November 26, 2026. This reappointment is subject to shareholder approval. Concurrently, Mr. Kaizad Bharucha, Deputy Managing Director, has requested to cease his service with the bank effective December 31, 2026, following a distinguished career of over three decades.
Board Approves Director Re-appointment
The Board of Directors of HDFC Bank, following a recommendation from its Governance, Nomination and Remuneration Committee (GNRC), has approved the re-appointment of Mrs. Lily Vadera. She will continue to serve as an Independent Director for a term of three years, commencing from November 26, 2026, to November 25, 2029, inclusive. This decision is pending the necessary approval from the bank’s shareholders.
The bank confirmed that Mrs. Vadera is not related to any other Directors or Key Managerial Personnel and is not debarred from holding a directorship by any regulatory authority. Her re-appointment will be presented to shareholders for their endorsement shortly.
Deputy Managing Director’s Cessation
In another significant announcement, Mr. Kaizad Bharucha, Deputy Managing Director of HDFC Bank, has formally requested to step down from his role. His cessation from service will be effective from the close of business hours on December 31, 2026. Both the GNRC and the Board of Directors have acknowledged and accepted Mr. Bharucha’s request, and it will be forwarded to the Reserve Bank of India (RBI) for approval.
The GNRC and the Board expressed their profound appreciation for Mr. Bharucha’s outstanding contributions over a tenure spanning more than three decades. They specifically highlighted his instrumental role in the bank’s growth, institutional development, and the conceptualization and establishment of its robust credit architecture. Mr. Bharucha is recognized as one of the principal architects behind this framework.
Mrs. Lily Vadera’s Profile
Mrs. Lily Vadera brings over 34 years of experience in Central banking. She holds a M.A. in International Relations and retired as an Executive Director from the Reserve Bank of India (RBI) in October 2020. In her role at the RBI, she oversaw the Department of Regulation (DoR), managing the regulatory framework for banks and non-banking finance companies. Mrs. Vadera has represented the RBI in various international forums, including the Policy Development Group of the Basel Committee on Banking Supervision and the Financial Stability Board. She was also instrumental in establishing a regulatory sandbox framework for fintech innovation and played a key role in bank amalgamations and as a member of the Insolvency Law Committee.
Source: BSE
