HDFC Bank Appoints Former Finance Secretary Rajiv Kumar as Chairman, RBI Approval Awaited

HDFC Bank has appointed former Finance Secretary and former Chief Election Commissioner Rajiv Kumar as its new Part-time Chairman , subject to approval from the Reserve Bank of India (RBI) , marking the end of the private lender's months long search for a permanent board chief following the resignation of Atanu Chakraborty in March.

The bank's board approved Kumar's appointment as an Independent Director for four years with effect from June 30, 2026, subject to shareholder approval. It also cleared his appointment as Part-time Chairman for a three year term, with the tenure to begin after RBI approval. He will succeed interim chairman Keki Mistry , whose tenure had recently been extended by the RBI until a permanent appointment was made.

HDFC Bank said Kumar, who served as Secretary of the Department of Financial Services between 2017 and 2020, led sweeping banking reforms when public sector banks were burdened with high non performing assets, capital shortages and governance concerns. The bank credited him with implementing the 4R strategy of Recognition, Resolution, Recapitalisation and Reforms, freezing accounts of nearly 3.38 lakh shell companies , strengthening action against unregulated deposit schemes, improving fraud monitoring, introducing technology driven risk assessment, making passport details mandatory for borrowers seeking loans above Rs 50 crore , recapitalising public sector banks with over Rs 3 lakh crore , consolidating 27 public sector banks into 12 , restructuring Regional Rural Banks and increasing deposit insurance from Rs 1 lakh to Rs 5 lakh .

Kumar later served as India's 25th Chief Election Commissioner , overseeing the 2024 Lok Sabha elections , the world's largest democratic exercise by voter participation.

The appointment follows an independent legal review that found no evidence supporting the ethical concerns cited by Chakraborty when he resigned, clearing the way for the bank's leadership transition. Market attention is now focused on the RBI's decision regarding the extension of Managing Director and CEO Sashidhar Jagdishan's tenure later this year. HDFC Bank also confirmed Kumar is not related to any director or key managerial personnel of the bank.