HDFC Bank Appoints Former Chief Election Commissioner Rajiv Kumar As Part-Time Chairman

HDFC Bank’s board, late on Monday, approved the appointment of Rajiv Kumar as part-time chairman and additional independent director, marking a key leadership change at India’s largest private sector lender.

The decision comes just days after an external legal review cleared the bank in the controversy linked to the resignation of former chairman Atanu Chakraborty.

Kumar, a former Chief Election Commissioner and former Secretary of the Department of Financial Services, will take over from interim chairman Keki Mistry.

\His appointment will require approval from the Reserve Bank of India (RBI), and his tenure as chairman will be for three years from the date of regulatory approval.

Separately, his term as independent director will be for four years starting 30 June 2026, subject to shareholder approval.

Kumar becomes the second IAS officer to hold the chairman’s position at the bank.

He follows Atanu Chakraborty, a retired 1985-batch IAS officer of the Gujarat cadre, who resigned in March 2026 citing concerns over “certain happenings and practices within the bank.”

Kumar is a 1984-batch IAS officer from the Jharkhand cadre. His appointment also comes ahead of another major leadership decision—the reappointment of Managing Director and CEO Sashidhar Jagdishan, whose current term ends on 26 October 2026.

The bank had delayed its decision pending the outcome of the external legal review. That review, released on 26 June, concluded that there was “no basis” for the concerns raised by Chakraborty.

Earlier media reports had suggested that former RBI Deputy Governor Rajeshwar Rao was also being considered for the chairman’s role.

According to a Macquarie Research note, clarity in top management is expected to serve as a positive catalyst for the bank, allowing leadership to shift focus from governance issues to business growth and operational stability.

Separately, the board also approved the appointment of Puneet Sharma as CFO-designate effective 1 September 2026, and as CFO from 1 December 2026, replacing incumbent Srinivasan Vaidyanathan. Sharma currently serves as CFO at Axis Bank and will remain there until 31 August.

Kumar’s administrative background includes his tenure as Secretary, DFS (2017–2020), during which he strengthened regulatory oversight of financial systems, acted against shell companies, and supported the implementation of the Banning of Unregulated Deposit Schemes Act, 2019.