Who is Lily Vadera? HDFC Bank reappoints former RBI executive director as Kaizad Bharucha seeks departure
Lily Vadera is a former RBI executive director and an independent director at HDFC Bank. Vadera is in the news after HDFC Bank’s board approved her reappointment for three years.
The proposed term runs from 26 November 2026 to 25 November 2029. However, the appointment still requires shareholder approval, which the bank plans to seek shortly.
At HDFC Bank, Vadera serves on the board as an independent director. She is also a member of its Audit Committee.
The bank confirmed she has no family relationship with other directors or key managerial personnel. It added that no regulatory order prevents her from serving as a director.
Her proposed reappointment comes alongside another senior leadership development at HDFC Bank. Deputy managing director Kaizad Bharucha has requested to leave after 31 December 2026.
His departure awaits RBI approval while Vadera’s fresh term awaits shareholder consent. Together, these decisions combine a proposed management departure with continued experience on the bank’s board.
Lily Vadera brings more than 34 years of central banking experience to her work. Her career includes banking regulation, financial innovation and participation in important international policy discussions.
She retired from the RBI as an executive director in October 2020. At the central bank, she headed the Department of Regulation.
The department oversees rules governing banks, non-banking financial companies and other financial institutions. Her responsibilities placed her in close proximity to India’s financial regulatory framework.
One important part of her work involved supporting innovation in financial services. She helped establish the RBI’s regulatory sandbox framework.
This allowed financial technology companies to test new products within a controlled environment. Such testing formed part of the central bank’s efforts to encourage financial innovation.
Vadera also contributed to the merger and restructuring of stressed banks. Her experience therefore extends beyond making rules to handling difficulties within banking institutions.
She served on the Insolvency Law Committee established by the Ministry of Corporate Affairs. She also represented the RBI on a government committee examining small- and medium-enterprise financing.
Her work included representing the central bank at several international forums. These included the Basel Committee on Banking Supervision’s Policy Development Group.
She participated in the Financial Stability Board and relevant G20 sub-groups. These groups covered financing for small and medium-sized businesses, as well as green financing.
Beyond her central banking career, Vadera has worked in a senior advisory role. Since June 2021, she has served as senior regulatory advisor at Cyril Amarchand Mangaldas.
Her work supports the law firm’s specialist Financial Institutions Group. She holds a Master of Arts degree in International Relations.
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