HDFC Bank has appointed former Chief Election Commissioner (CEC) Rajiv Kumar as its Part-Time Chairman, subject to approval from the Reserve Bank of India (RBI). The bank’s board has approved his appointment for a three-year term, while also naming him as an Additional Director (Independent) for a period of four years, effective June 30, 2026.
Rajiv Kumar, a 1984-batch IAS officer, has held several key positions in the Government of India, including Finance Secretary and Secretary, Department of Financial Services (DFS). His appointment comes more than three months after former chairman Atanu Chakraborty resigned on March 18, citing certain developments within the bank that he said were not aligned with his personal values and ethics.
Following Chakraborty’s resignation, HDFC Bank commissioned independent reviews by international law firm Wilson Sonsini Goodrich & Rosati and Indian law firm Wadia Ghandy & Co. The reviews concluded that there was no evidence supporting the concerns raised by the former chairman, effectively clearing the bank of any wrongdoing and paving the way for the appointment of a new chairman.
During his tenure as Secretary of the Department of Financial Services between 2017 and 2020, Rajiv Kumar played a pivotal role in reforming India’s banking sector. He led initiatives to improve transparency in recognising non-performing assets (NPAs), strengthened borrower accountability under the Insolvency and Bankruptcy Code (IBC) and oversaw the recapitalisation of public sector banks with capital support exceeding ₹3 lakh crore. He also supervised the consolidation of 27 public sector banks into 12 stronger entities, a major structural reform aimed at improving the efficiency and stability of India’s banking system.
Kumar was also instrumental in implementing measures to curb financial fraud, including freezing the accounts of over 3.38 lakh shell companies, strengthening fraud monitoring mechanisms and supporting the enactment of the Banning of Unregulated Deposit Schemes Act, 2019. Throughout his career, he has served on several key financial and regulatory bodies, including the Central Board of the RBI, Financial Stability and Development Council, Bank Board Bureau, and the boards of State Bank of India (SBI) and NABARD.
Meanwhile, the tenure of HDFC Bank Managing Director and CEO Sashidhar Jagdishan is scheduled to conclude on October 26, 2026. The bank’s board is expected to recommend his reappointment for a third term, subject to RBI approval, after the completion of the independent legal review process.
The appointment of Rajiv Kumar is expected to provide experienced leadership and strengthen HDFC Bank’s governance as India’s largest private sector lender continues its expansion following the merger with HDFC Ltd.
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