HDFC Bank Appoints Rajiv Kumar as New Part-Time Chairman
HDFC Bank Welcomes Rajiv Kumar
After a prolonged period of speculation, HDFC Bank has officially named Rajiv Kumar, a former Finance Secretary and Chief Election Commissioner, as its part-time non-executive chairman for a three-year term. He will take over from Keki M Mistry, who has been serving as the interim chairman since March 2026. Kumar's appointment is pending approval from the Reserve Bank of India and follows the unexpected resignation of Atanu Chakraborty. Additionally, he has been designated as an independent director for four years starting June 30, 2026, contingent upon shareholder approval.
Background of Rajiv Kumar
Rajiv Kumar, an IAS officer from the 1984 batch of the Bihar cadre (now Jharkhand), previously held the position of Finance Secretary and was appointed as Election Commissioner on September 1, 2020. He ascended to the role of Chief Election Commissioner on May 15, 2022. During his tenure, he oversaw significant elections, including the Presidential and Vice-Presidential elections in 2022, as well as the upcoming 2024 Lok Sabha and Jammu & Kashmir Assembly elections.
Before his role at the Election Commission, Kumar retired as Finance Secretary in February 2020, having previously served as Secretary in the Department of Financial Services from 2017 to 2020. He played a crucial role in the government's initiative to reform public sector banks, implementing the 4Rs strategy: recognition, resolution, recapitalization, and reforms. His efforts were instrumental in stabilizing India's public sector banks, which faced challenges such as rising bad loans and weak financial health.
Kumar has also held significant positions in the banking sector, including roles on the Central Board of the Reserve Bank of India and the boards of the State Bank of India and NABARD. Recently, HDFC Bank extended Keki Mistry's tenure as interim non-executive chairman for an additional three months, a decision approved by the RBI just before Mistry's term was set to end on June 19.