Date: October 17, 2026

KMP / Board / Auditor Changes

Reappointment of Independent Director:

  • Mrs. Lily Vadera (DIN: 09400410) reappointed as Independent Director
  • Term: 3 years from November 26, 2026 to November 25, 2029 (both days inclusive)
  • Based on recommendation of Governance, Nomination and Remuneration Committee (GNRC)
  • Subject to shareholder approval
  • Not related to any other Directors or Key Managerial Personnel of the Bank
  • Not debarred from holding director office by SEBI or any other authority

Resignation of Deputy Managing Director:

  • Mr. Kaizad Bharucha (DIN: 02490648), Deputy Managing Director, requested cessation from service
  • Effective: Close of business hours on December 31, 2026
  • GNRC and Board accepted his request on October 16-17, 2026
  • Request to be forwarded to Reserve Bank of India (RBI) for approval
  • Association with bank: More than three decades

Board Meeting Outcomes

Meeting held on October 17, 2026:

  • Approved reappointment of Mrs. Lily Vadera as Independent Director
  • Accepted resignation request of Mr. Kaizad Bharucha
  • Acknowledged Mr. Bharucha's outstanding contribution to the Bank
  • Recognized Mr. Bharucha as one of principal architects of bank's robust credit architecture
  • Noted his significant role in bank's growth and institutional development

Profile Details

Mrs. Lily Vadera:

  • 34 years of experience in Central banking
  • M.A in International Relations
  • Retired as Executive Director from RBI in October 2020
  • As RBI Executive Director, in-charge of Department of Regulation (DoR)
  • Handled regulatory framework for banks and non-banking finance companies
  • Represented RBI in international forums: Policy Development Group of Basel Committee on Banking Supervision of BIS, Switzerland; Financial Stability Board; G-20 sub-groups on SME financing and Green financing
  • Represented RBI on government committee on SME financing
  • Instrumental in creating regulatory sandbox framework for fintech players
  • Played significant role in amalgamation of banks in stress
  • Member of Insolvency Law Committee set up by Ministry of Corporate Affairs (MCA)