MUMBAI: Sashidhar Jagdishan’s decision not to seek another term has brought Kaizad Bharucha, an HDFC Bank old guard and an earlier contender for the top job, into focus as a possible successor.Sources said a successor will be in place before Jagdishan steps down in Oct, but the process will take time as RBI will need to clear the appointment. Bharucha, an executive director at HDFC Bank, was among those considered for CEO position when Jagdishan was selected to succeed Aditya Puri in 2020. His association with the bank and his elevation to executive director rank make him one of the prominent internal candidates.The bank is understood to have been preparing for the succession process, with Jagdishan himself until recently seen as a candidate for another term. RBI typically seeks multiple names before approving the appointment of a private-bank CEO.K Balasubramanian, CEO of Citi India and a former head of corporate banking at HDFC Bank, is seen by some in the industry as a potential candidate. Hitendra Dave, CEO of HSBC India, is another possible name given his experience running a large multinational bank in India.The choice of an internal candidate such as Bharucha would provide continuity at a bank that has undergone considerable change since Puri’s departure. But the old guard has steadily thinned out. Several of the senior executives promoted under Puri have left the bank in recent years.Arvind Kapil, who headed the group’s retail business, left in April 2024. CHRO Vinay Razdan left in June 2025, followed by group head Parag Rao in September 2025 and retail head Rahul Shukla in October 2025. Executive director Bhavesh Zaveri was the latest senior departure, leaving the bank in April 2026. The exits have left Bharucha as one of the more prominent senior bankers from the Puri era at HDFC Bank. His candidacy could therefore assume greater significance as HDFC moves to find a successor.After a period marked by the HDFC merger, technology-related problems and a series of governance controversies, brokers have called for greater clarity on succession to help steady the bank and reduce uncertainty.
