HDFC Bank names former financial services secretary Rajiv Kumar as non-executive chairman
Kumar, 66, is a 1984-batch IAS officer who retired as the Finance Secretary of India in February 2020. As the Secretary of the Department of Financial Services between 2017 and 2020, he famously engineered the banking sector's "4R strategy" — Recognition, Resolution, Recapitalisation and Reforms.
- Jun 29, 2026,
- Updated Jun 29, 2026 9:21 PM IST
HDFC Bank has appointed Rajiv Kumar, a former IAS officer and ex-Chief Election Commissioner of India, as its new part-time (non-executive) chairman, concluding a high-profile search to fill the vacancy left by the abrupt exit of Atanu Chakraborty.
The private lender's board approved Kumar's appointment as an additional (independent) director for a four-year term beginning June 30, 2026. His designation as part-time chairman spans three years, pending final approval from the Reserve Bank of India (RBI) and the bank's shareholders.
During the interim period, veteran banker and independent director Keki Mistry served as the temporary part-time chairman under a 90-day extension granted by the RBI. The bank's nomination and remuneration committee partnered with executive search firm Egon Zehnder to find a permanent successor, navigating several rounds of deliberation before finalizing Kumar.
Kumar, 66, is a 1984-batch IAS officer who retired as the Finance Secretary of India in February 2020. As the Secretary of the Department of Financial Services between 2017 and 2020, he famously engineered the banking sector's "4R strategy" — Recognition, Resolution, Recapitalisation and Reforms. The turnaround initiative included a capital injection of over Rs 3 lakh crore into public sector banks and the sweeping consolidation of 27 state-run lenders into 12 entities.
Beyond banking reforms, Kumar served as the 25th Chief Election Commissioner of India, managing the 2024 Lok Sabha General Elections involving roughly 642 million voters. He has previously held seats on the Central Board of the RBI, the Financial Stability and Development Council, the Bank Board Bureau, and the boards of the State Bank of India and NABARD.
With Kumar's appointment anchoring the board governance structure, the HDFC Bank board is now positioned to turn its focus toward the tenure extension of Managing Director and CEO Sashidhar Jagdishan, whose current term concludes in October 2026.
The top position at India's largest private bank had been vacant since March 18, 2026, when Chakraborty resigned suddenly. Chakraborty stepped down after stating that "certain happenings and practices" within the bank over the previous two years were "not in congruence" with his personal values and ethics.
In response, HDFC Bank commissioned an independent legal review by US-based Wilson Sonsini Goodrich & Rosati and India's Wadia Ghandy & Co. The investigation concluded that Chakraborty's allegations were "not substantiated" by documentary evidence or witness interviews.
HDFC Bank has appointed Rajiv Kumar, a former IAS officer and ex-Chief Election Commissioner of India, as its new part-time (non-executive) chairman, concluding a high-profile search to fill the vacancy left by the abrupt exit of Atanu Chakraborty.
The private lender's board approved Kumar's appointment as an additional (independent) director for a four-year term beginning June 30, 2026. His designation as part-time chairman spans three years, pending final approval from the Reserve Bank of India (RBI) and the bank's shareholders.
During the interim period, veteran banker and independent director Keki Mistry served as the temporary part-time chairman under a 90-day extension granted by the RBI. The bank's nomination and remuneration committee partnered with executive search firm Egon Zehnder to find a permanent successor, navigating several rounds of deliberation before finalizing Kumar.
Kumar, 66, is a 1984-batch IAS officer who retired as the Finance Secretary of India in February 2020. As the Secretary of the Department of Financial Services between 2017 and 2020, he famously engineered the banking sector's "4R strategy" — Recognition, Resolution, Recapitalisation and Reforms. The turnaround initiative included a capital injection of over Rs 3 lakh crore into public sector banks and the sweeping consolidation of 27 state-run lenders into 12 entities.
Beyond banking reforms, Kumar served as the 25th Chief Election Commissioner of India, managing the 2024 Lok Sabha General Elections involving roughly 642 million voters. He has previously held seats on the Central Board of the RBI, the Financial Stability and Development Council, the Bank Board Bureau, and the boards of the State Bank of India and NABARD.
With Kumar's appointment anchoring the board governance structure, the HDFC Bank board is now positioned to turn its focus toward the tenure extension of Managing Director and CEO Sashidhar Jagdishan, whose current term concludes in October 2026.
The top position at India's largest private bank had been vacant since March 18, 2026, when Chakraborty resigned suddenly. Chakraborty stepped down after stating that "certain happenings and practices" within the bank over the previous two years were "not in congruence" with his personal values and ethics.
In response, HDFC Bank commissioned an independent legal review by US-based Wilson Sonsini Goodrich & Rosati and India's Wadia Ghandy & Co. The investigation concluded that Chakraborty's allegations were "not substantiated" by documentary evidence or witness interviews.