In an exchange filing, the bank said it had “approved, subject to the approval of the Reserve Bank of India (RBI), the appointment, including remuneration, of Rajiv Kumar as a Part-time Chairman of the Bank for a period of three years, effective from the date approved by the RBI”.
While Kumar is set to be appointed chairman for three years, he has also been appointed as an independent director for a four-year term. Both appointments are subject to approvals from shareholders and the RBI.
A 1984-batch IAS officer, Kumar is widely regarded for his role in revitalising India’s banking and financial sector during a period of significant systemic stress between 2017 and 2020.
He retired as Finance Secretary of India in February 2020. Following his retirement, Kumar also briefly served as Chairman of the Public Enterprises Selection Board (PESB).
Kumar later served as the 25th Chief Election Commissioner of India and oversaw the 2024 Lok Sabha general election.
He succeeds Atanu Chakraborty as chairman of HDFC Bank. Kumar was Finance Secretary when Chakraborty served as Secretary of the Department of Economic Affairs. Chakraborty resigned abruptly, citing ethical concerns. As an interim arrangement, the bank appointed financial services veteran Keki Mistry as chairman.
Kumar brings extensive policymaking experience in the financial services sector. He led India’s banking sector clean-up through the 4R strategy — Recognition, Resolution, Recapitalisation and Reforms, HDFC Bank said in a statement.
He also oversaw the consolidation of 27 public sector banks into 12 larger entities and was part of the team that supervised a capital infusion of ₹3 lakh crore into public sector banks.
(Edited by : Ajay Vaishnav)
First Published: Jun 29, 2026 8:41 PM IST
