After Conducting World's Largest Election, Ex-CEC Rajiv Kumar To Take Charge As HDFC Bank Chairman

Rajiv Kumar, the former Chief Election Commissioner who oversaw the world’s largest democratic exercise during the 2024 Lok Sabha elections, has been appointed chairman of HDFC Bank, subject to approval from the Reserve Bank of India (RBI).

The HDFC Bank board on Monday approved Kumar’s appointment as an Independent Director for a four-year term with effect from June 30. It also cleared his appointment as part-time chairman for three years, subject to the RBI’s approval, according to a regulatory filing.

Kumar will replace Atanu Chakraborty, who resigned as the bank’s chairman in March, citing ethical concerns.

Before heading the Election Commission as the country’s 25th Chief Election Commissioner, Kumar served as Secretary in the Department of

Financial Services between 2017 and 2020, where he led a series of banking sector reforms aimed at cleaning up stressed bank balance sheets and strengthening the financial system.

Why HDFC Is Choosing Rajiv Kumar?

According to HDFC Bank, Kumar spearheaded the recognition and resolution of non-performing assets (NPAs), recapitalisation of public sector banks and governance reforms under the Centre’s “4R” strategy — Recognition, Resolution, Recapitalisation and Reforms. The bank said these measures helped restore the health of public sector banks and improve their profitability.

The lender also credited Kumar with overseeing the consolidation of 27 public sector banks into 12 entities, capital infusion of more than ₹3 lakh crore into state-owned lenders, tighter monitoring of large loans, enhanced risk assessment systems and stronger action against financial fraud.

During his tenure, the government also increased deposit insurance coverage from ₹1 lakh to ₹5 lakh, introduced measures to curb unregulated deposit schemes and strengthened regulatory oversight of cooperative banks, according to the bank.

Beyond his financial sector reforms, Kumar later served as the 25th Chief Election Commissioner and supervised the 2024 Lok Sabha elections, the world’s largest democratic exercise involving nearly one billion eligible voters.