The Reserve Bank of India (RBI) has approved HDFC Bank's appointment of ex-Finance Secretary and former Chief Election Commissioner Rajiv Kumar as its new Part-time Chairman in a major change in the leadership at the top of the bank. The appointment is expected to bolster the bank's governance framework and leadership as it takes a step forward in its next phase of growth in India as the largest private sector lender.

Key Highlights

• HDFC Bank appointed former CEC Rajiv Kumar as part-time chairman, subject to RBI approval and shareholders' clearance.
• Rajiv Kumar brings decades of financial reforms and governance experience to HDFC Bank's board leadership role.

Board Approves Appointment

The Board of Directors of the bank approved the appointment of Additional Independent Director Rajiv Kumar for a term of four years starting from 30th June 2026, which would also be subject to approval from the shareholders. Simultaneously, the board cleared his appointment as Part-time Chairman for a three-year tenure, which will become effective after receiving RBI approval.

HDFC Bank further clarified that Rajiv Kumar has been neither barred by the Securities and Exchange Board of India (SEBI) nor any other regulatory authority from being a director of the bank.

Also Read: HDFC Bank Faces Scrutiny Over Rs 45 Crore MSRDC Payment Internal Probe

Veteran Policymaker to Lead Board

Rajiv Kumar has over 40 years of experience in the field of public administration, financial sector reform and policy making. As Finance Secretary, he had a key role in rolling out India's banking sector reforms, such as the government's landmark 4R approach to stressed assets in public sector banks (PSUs). He also carried out big ticket bank recapitalization and consolidation plans and later became India's 25th Chief Election Commissioner.

Successor to Atanu Chakraborty

Rajiv Kumar replaces Atanu Chakraborty, who quit due to ethical concerns that had raised doubts about the bank's leadership earlier this year. After his resignation, veteran HDFC Group executive Keki Mistry acted as the interim chairman in the interim period the bank was looking for a permanent successor.

AGM Notice Revised

The board of the bank also gave approval to the revised notice (dated 22 February 2026) to the 32nd Annual General Meeting (AGM) of the bank on 5 August 2026 for resolutions on the appointment of Rajiv Kumar as an Independent Director of the bank.

The appointment is likely to further improve HDFC Bank's governance credentials with the independent director adding to its board with rich regulatory and financial policy experience, particularly as the banking sector continues to agonize over the challenges arising out of changes in the market and regulatory environment.