The Reserve Bank of India has approved the appointment of former Chief Election Commissioner Rajiv Kumar as Part-Time Chairman of HDFC Bank for a term of three years, with the appointment effective from 30 June 2026. The clearance was reported by Indian financial media on 15 July.
HDFC Bank's board had appointed Kumar on 29 June 2026, subject to RBI approval.
A CIVIL SERVICE VETERAN AT THE HELM
Kumar, a 1984-batch Indian Administrative Service officer, is a former Chief Election Commissioner of India and previously served as Financial Services Secretary from 2017 and as Finance Secretary until his retirement in February 2020. He has also served on the boards of the RBI, State Bank of India and NABARD.
SUCCESSION AT INDIA'S LARGEST PRIVATE LENDER
The RBI's approval fills the chairmanship left vacant when Atanu Chakraborty resigned in March 2026, with Keki Mistry serving as interim chairman since then.
The RBI's approval was reported by Indian outlets including Moneycontrol, The Tribune and The Indian Express.
Kumar's appointment as part-time chairman runs for three years from 30 June 2026; the board also appointed him an independent director for four years from that date, subject to shareholders' approval.