HDFC Bank shares in focus as Rajiv Kumar named part-time Chairman

Shares of HDFC Bank Ltd are in focus on Tuesday after the private lender appointed Rajiv Kumar as a part-time Chairman of the bank for a period of three years, subject to the approval by the Reserve Bank of India (RBI). Kumar has also been appointed as an Additional Director (independent director) of the bank for a period of four years, with effect from June 30, 2026. The said appointment as an independent director is subject to the approval of shareholders of the bank.

A 1984-batch Ex IAS officer, Kumar retired as Finance Secretary of India in February 2020. Post retirement he also briefly served as Chairman of Public Enterprises Selection Board (PESB). Kumar has also served as the 25th Chief Election Commissioner of India.

His appointment came a day after HDFC Bank said external law firms, Wilson Sonsini Goodrich & Rosati and Wadia Ghandy & Co, found that former part-time Chairman and independent director Atanu Chakraborty's statement, and its implications, were not substantiated by documentary records or witness interviews.

To recall, in his resignation, Chakraborty had cited 'certain happenings and practices within the bank which were not in congruence with his personal values and ethics, casting a shadow over the board and the management team.

HDFC Bank said Kumar is not debarred from holding the office of a director, by virtue of any order passed by SEBI or any other such authority. "In view of the above, the Board of Directors at the said meeting, also approved the revised Notice convening the 32nd Annual General Meeting of the Members of the Bank scheduled to be held on Wednesday, August 5, 2026, by way of inclusion of resolution(s) relating to the above appointment," HDFC Bank said.

Meanwhile, the bank board also approved the appointment of Puneet Sharma as the Chief Financial Officer - Designate (CFO-Designate) with effect from September 1, 2026 and as Chief Financial Officer with effect from December 1, 2026. It also, based on the recommendations of the Governance, Nomination and Remuneration Committee, approved the appointment of Jigar Shah as the General Counsel – Designate (GCDesignate), effective August 20, 2026 and as the General Counsel, effective October 1, 2026.