HDFC Bank Appoints Former CEC Rajiv Kumar as New Chairman

India’s largest private sector lender, HDFC Bank, has appointed former Chief Election Commissioner and ex-Finance Secretary Rajiv Kumar as its new Part-time Chairman, subject to approval from the Reserve Bank of India (RBI).

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The appointment comes more than three months after former chairman Atanu Chakraborty stepped down in March, creating a leadership vacancy at the bank.

According to a regulatory filing, Rajiv Kumar has also been appointed as an Additional Independent Director for a four-year term effective June 30, 2026. His three-year tenure as Part-time Chairman will begin once the RBI approves. The bank’s Governance, Nomination and Remuneration Committee recommended his appointment.

Extensive Experience and Background

Rajiv Kumar is a 1984-batch IAS officer with more than four decades of experience in public administration and financial governance. During his career, he served as Finance Secretary of India, Chairman of the Public Enterprises Selection Board, and later as the 25th Chief Election Commissioner of India.

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He has also been associated with key financial institutions, including the boards of the RBI, State Bank of India, and National Bank for Agriculture and Rural Development (NABARD). He is widely credited with contributing to banking reforms, public-sector bank recapitalisation, and financial-sector policy initiatives.

The appointment marks an important governance milestone for HDFC Bank, which has been working to stabilise its board following the sudden resignation of Atanu Chakraborty. Until a permanent appointment was finalised, veteran banker Keki Mistry had been serving as interim chairman.

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The leadership transition also comes ahead of another key decision for the bank. Managing Director and CEO Sashidhar Jagdishan is set to complete his current term in October 2026, with the board expected to recommend his reappointment, subject to RBI approval.

About HDFC Bank

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HDFC Bank is India’s largest private sector bank by market capitalization and one of the country’s leading financial institutions.

It offers a wide range of banking and financial services, including retail banking, wholesale banking, treasury operations, and digital banking. The bank serves millions of customers through an extensive network of branches and ATMs across India.

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