Former Chief Election Commissioner and former Finance Secretary Rajiv Kumar has been named by HDFC Bank as its choice for the position of part-time non-executive chairman for a three-year term, subject to approval from the Reserve Bank of India (RBI). The appointment comes after the resignation of former chairman Atanu Chakraborty earlier this year and follows several months of uncertainty at the country’s largest private sector bank. Kumar will also serve as an additional independent director for four years, pending shareholders’ approval.
Veteran banker Keki M. Mistry has been serving as interim chairman since March 2026 after Chakraborty stepped down, citing concerns over governance practices. However, an independent legal review later concluded that his allegations were not substantiated.
A 1984-batch IAS officer, Rajiv Kumar has held several key positions in the Government of India. As Secretary of the Department of Financial Services and later Finance Secretary, he played a major role in strengthening India’s banking sector through the government’s “4R” strategy—Recognition, Resolution, Recapitalisation and Reforms. During his tenure, public sector banks underwent a major clean-up, received capital support exceeding ₹3 trillion, and were consolidated to improve efficiency and competitiveness. He also contributed to increasing the deposit insurance cover from ₹1 lakh to ₹5 lakh.
As part-time non-executive chairman, Kumar will focus on board leadership, corporate governance and strategic oversight, while remaining independent of the bank’s day-to-day operations.
