RBL Bank Set for Major Leadership Shift as HDFC Veteran Targets CFO Role

RBL Bank Set for Major Leadership Shift as HDFC Veteran Targets CFO Role​

RBL Bank is reportedly poised to make a significant senior leadership move, with sources indicating that Bhavin Lakhpatwala, a veteran from HDFC Bank, is being considered for the Chief Financial Officer (CFO) position. This potential appointment would mark the first high-profile executive addition since the strategic deal involving Emirates NBD.

The news suggests that Lakhpatwala is likely to join RBL in the near future, succeeding Deepak Ruiya, who has been serving as CFO on an interim basis. An announcement regarding this crucial role is expected within the coming weeks. However, sources emphasize that the final appointment remains subject to board approval and necessary clearance from the Reserve Bank of India (RBI).

Sourcing Points to Bhavin Lakhpatwala for RBL’s CFO Role​

Bhavin Lakhpatwala, who recently stepped down from his position at HDFC Bank, was reportedly identified as a strong candidate to take charge of the CFO role. He has been associated with HDFC Bank since 2011, holding various executive positions throughout his tenure there. His background includes previous stints at Deloitte and Ageas Federal Life Insurance.

Meanwhile, Deepak Ruiya has held the interim CFO position for six months, having previously served as Deputy CFO of RBL Bank starting in March 2023. The transition of the role follows the resignation of the prior CFO, Buvanesh Tharashankar, who resigned on December 15 to pursue opportunities outside of banking.

RBL Navigates Senior Leadership Changes Post-Emirates Deal​

The Mumbai-headquartered bank has recently undergone several strategic adjustments within its senior management ranks. Jaideep Iyer, who previously served as the Head of Strategy, was appointed as an Additional Director and Executive for three years beginning February 21 this year. Additionally, Pushpendra Sharma, who led the digital banking unit, exited the bank at the close of December, with that function now integrated into RBL’s broader technology department.

The changes also include the retirement of Rajeev Ahuja, a pivotal figure since 2010, whose tenure marked the transformation of the institution from Ratnakar Bank.

Context of the Emirates NBD Stake Acquisition​

A monumental strategic event occurred in May 2026 when the RBI granted final approval for a 60 percent controlling stake purchase in RBL by Emirates NBD. This acquisition was set at Rs 26,850 crore or $3 billion, classifying the bank as a foreign subsidiary of the UAE-based institution.

As part of this transaction, Emirates NBD simultaneously offered an open offer to buy a 26 percent stake in RBL.