HDFC Bank Appoints Former CEC Rajiv Kumar as Part-Time Chairman for Three Years

HDFC Bank has appointed the former Chief Election Commissioner (CEC) Rajiv Kumar as the its part time chairman for a three year term and it is subject to approval from the Reserve Bank of India (RBI). HDFC board has also appointed him as an Additional Director (Independent Director) for a four-year term which will begin from 30th June, 2026.

Rajiv Kumar Part-time Chairman of HDFC Bank

As per the bank’s board decision, Rajiv Kumar will assume the role of chairman after receiving the regulatory approval from the RBI.

His appointment as an independent director will become effective from 30th June, 2026 and it is subject to the shareholder approval.

His three year tenure as the chairman comes after Atanu Chakraborty resigned earlier this year. Also the Veteran banker Keki Mistry has been serving as the interim part-time chairman and will continue the office until Kumar officially assumes charge.

Why Was a New Chairman Needed?

The position became vacant after the former chairman, Atanu Chakraborty, resigned in the March 2026 and citing the concerns over certain developments within the bank that, according to him, did not align with his personal values and the ethics.

After his resignation, Keki Mistry was appointed as the interim chairman for three months and his tenure was later extended until September 18, 2026.

Who Is Rajiv Kumar?

Rajiv Kumar is the 1984-batch Indian Administrative Service (IAS) officer with the extensive experience in public administration, finance and governance.

Before becoming the 25th Chief Election Commissioner of India, he served as the Secretary, Department of Financial Services, from 2017 to 2020.

During his tenure in the Finance Ministry, he also played a key role in several major banking reforms, including the,

• He led the consolidation of the 27 public sector banks into 12 entities
• Also implemented the government’s 4R strategy for resolving stressed bank assets
• Oversaw the capital infusion of more than ₹3 lakh crore into the public sector banks
• Also increased the deposit insurance coverage from ₹1 lakh to ₹5 lakh

As the Chief Election Commissioner of the country he also conducts the successful 2024 Lok Sabha elections.

What is the Next Stage?

Before Rajiv Kumar officially takes charge as the chairman, his appointment must receive the approval from the Reserve Bank of India.

His appointment as an independent director will also requires the shareholders’ approval.

Once he assumes the office, the board is expected to consider the extension of the Managing Director and CEO Sashidhar Jagdishan’s tenure in the coming months.