HDFC Bank has appointed former Chief Election Commissioner Rajiv Kumar as its new part-time chairman. This appointment has been made in place of Atanu Chakraborty, who had resigned in March. Kumar’s appointment is pending approval from RBI and shareholders.
New Delhi [भारत]June 29 (ANI): The board of HDFC Bank has stepped forward to fill its top board position by appointing former Chief Election Commissioner Rajeev Kumar as part-time (non-executive) chairman. The bank says the move will provide it with stability as it prepares for its next growth phase and seeks continuity at the executive level.
“We wish to inform you that the Board of Directors of the Bank at its meeting held today i.e. June 29, 2026… has approved the appointment of Shri Rajeev Kumar as Additional Director (Independent Director) of the Bank for a period of 4 (four) years with effect from June 30, 2026,” HDFC Bank said in an exchange filing on NSE. The appointment as independent director is “subject to the approval of the shareholders of the Bank”.
The board also approved the appointment of Rajiv Kumar as part-time chairman of the bank for a period of three years and his remuneration, subject to the approval of the Reserve Bank of India (RBI). This appointment will be effective from the date approved by the Central Bank. The Bank has confirmed that Rajiv Kumar has not been debarred from holding the office of Director by virtue of any order passed by SEBI or any other such authority.
Appointment made after the resignation of Atanu Chakraborty
This appointment ends a months-long search that began after Atanu Chakraborty suddenly stepped down from the post on March 18, 2026. He resigned, saying that ‘certain events and practices’ within the bank were not ‘consistent with his personal values and ethics’. Veteran banker Keki Mistry took over as interim part-time chairman. An independent legal review conducted by Wilson Sonsini Goodrich & Rosati and Wadia Ghandy & Co. found that Chakraborty’s allegations were “not substantiated”.
Who is Rajiv Kumar?
Kumar, 66, retired as Finance Secretary in February 2020. As Secretary, Department of Financial Services from 2017–2020, he led the “reinforcement of the balance sheets of public sector banks through the 4R strategy – i.e. Recognition, Resolution, Recapitalization and Reforms”. During his tenure “over Rs 3 lakh crore of capital was infused into public sector banks, and 27 public sector banks were consolidated into 12 entities.”
He later served as the 25th Chief Election Commissioner, and administered the 2024 Lok Sabha elections involving “approximately 642 million voters”. He has also been on the boards of RBI, SBI and NABARD.
What will happen next?
Once the chairman is appointed, the board is expected to consider the tenure extension of MD and CEO Sashidhar Jagadishan, whose current term ends in October 2026. The bank has scheduled its 32nd AGM for August 5, 2026, at which an amended notice will be issued to include resolutions on Kumar’s appointment. (ANI)
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