HDFC Bank has appointed former Chief Election Commissioner and former Finance Secretary Rajiv Kumar as its Part-time (Non-Executive) Chairman, a move aimed at providing stability as the lender prepares for its next growth phase. The appointment, announced on June 29, 2026, is subject to approval from the Reserve Bank of India (RBI) and shareholders.
Board Approval and Appointment Details
The bank's board approved Kumar's appointment as an Additional Director (Independent Director) for a period of four years, effective June 30, 2026, according to an exchange filing on the NSE. The board also approved, subject to RBI clearance, his appointment as Part-time Chairman for three years, including remuneration. The bank confirmed that Kumar is not debarred from holding the office of a Director by any SEBI or other authority order.
Ending a Months-Long Search
The appointment concludes a search that began after former Chairman Atanu Chakraborty abruptly resigned on March 18, 2026, citing that 'certain happenings and practices' within the bank were 'not in congruence' with his personal values and ethics. Veteran banker Keki Mistry served as interim part-time chairman. An independent legal review by Wilson Sonsini Goodrich & Rosati and Wadia Ghandy & Co. later found Chakraborty's allegations were 'not substantiated.'
Rajiv Kumar's Background and Experience
Kumar, 66, retired as Finance Secretary in February 2020. As Secretary of the Department of Financial Services from 2017 to 2020, he steered the cleanup of public sector bank balance sheets through the '4R strategy — Recognition, Resolution, Recapitalisation and Reforms.' His tenure saw a capital infusion exceeding Rs 3 lakh crore into public sector banks and the consolidation of 27 public sector banks into 12 entities. He later served as the 25th Chief Election Commissioner, overseeing the 2024 Lok Sabha polls with approximately 642 million electors. He has also served on the boards of the RBI, State Bank of India, and NABARD.
Next Steps for HDFC Bank
With the chairman appointment in place, the board is expected to take up the tenure extension of Managing Director and CEO Sashidhar Jagdishan, whose current term ends in October 2026. The bank has scheduled its 32nd Annual General Meeting on August 5, 2026, with a revised notice to include resolutions on Kumar's appointment.
