HDFC Bank Picks Rajiv Kumar as Chairman
Former Finance Secretary and ex Chief Election Commissioner Rajiv Kumar has been named HDFC Bank’s part-time chairman, subject to RBI approval.
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HDFC Bank Ltd has named former Finance Secretary and former Chief Election Commissioner Rajiv Kumar as its part-time chairman, moving to steady the board of India’s largest private sector lender after months of uncertainty triggered by the abrupt exit of Atanu Chakraborty.
The bank said its board had approved Kumar’s appointment as an Additional Independent Director for four years from 30 June, subject to shareholder approval.
His three-year term as part-time chairman will begin from the date approved by the Reserve Bank of India.
Kumar, 66, is a 1984-batch Indian Administrative Service officer who headed the Department of Financial Services from 2017 to 2020, a period that included the recapitalization of public sector banks as lenders worked through elevated bad loans.
He later served as India’s Chief Election Commissioner from 2022 to 2025.
The appointment follows a difficult stretch for HDFC Bank’s board.
Chakraborty resigned in March, citing differences over “values and ethics.”
The exit hit the bank’s shares and prompted the RBI to reassure investors that the lender remained stable.
HDFC Bank later commissioned a legal review into the concerns raised by Chakraborty.
The review found no evidence to support his claims.
Chakraborty declined to participate in the review and has questioned its basis.
After Chakraborty’s resignation, Keki Mistry, a veteran of the HDFC group, took over as interim chairman. The RBI extended his tenure earlier this month by another three months or until a regular chairman is appointed, whichever is earlier.
Kumar’s appointment gives the bank a former senior policymaker with experience in financial-sector administration at a time when investors are watching board stability, governance and the next steps around the tenure of Managing Director and Chief Executive Officer Sashidhar Jagdishan.
Kumar has also served on several financial-sector bodies, including the RBI’s central board.
As Chief Election Commissioner, he oversaw national and state elections, including the first assembly election in Jammu and Kashmir after the abrogation of Article 370.
