HDFC Bank Appoints Former CEC Rajiv Kumar As Part-Time Chairman; Shares In Focus

HDFC Bank on Monday appointed former Chief Election Commissioner and former Finance Secretary Rajiv Kumar as its new part-time chairman, subject to approval from the Reserve Bank of India.

The bank’s board approved Kumar’s appointment as part-time chairman for a period of three years, effective from the date of RBI approval. It also appointed him as an Additional Independent Director for a four-year term beginning June 30, 2026, subject to shareholders’ approval.

The appointment was cleared on the recommendation of the bank’s Governance, Nomination and Remuneration Committee.

Kumar will succeed former chairman Atanu Chakraborty, who resigned in March citing ethical concerns.

Shares of HDFC Bank will remain in focus on Tuesday, June 30 after the

announcement.

Rajiv Kumar Not Barred By SEBI Or Any Other Authority

HDFC Bank said Rajiv Kumar has not been debarred from holding the office of director by any order passed by the Securities and Exchange Board of India or any other statutory authority.

Rajiv Kumar’s Experience In Banking Reforms

In its profile of Kumar, HDFC Bank highlighted his role as Secretary of the Department of Financial Services between 2017 and 2020, when public sector banks were dealing with high levels of non-performing assets (NPAs), capital shortages, governance issues, and stress in the NBFC sector following demonetisation.

According to the bank, within two weeks of Kumar assuming office, accounts linked to around 3.38 lakh shell companies were frozen, targeting black money networks. It also noted his role in the passage of the Banning of Unregulated Deposit Schemes Act, 2019, aimed at curbing ponzi schemes.

Led NPA Cleanup And Financial Oversight

The bank said Kumar spearheaded a comprehensive clean-up of bank balance sheets by ensuring transparent recognition and provisioning of NPAs while strengthening accountability under the Insolvency and Bankruptcy Code (IBC).

His tenure also saw tighter oversight of cooperative banks, action against illicit financial practices, and stricter measures against wilful defaulters. HDFC Bank noted that making passport details mandatory for loans of ₹50 crore and above helped prevent large borrowers from fleeing the country before regulatory action.

Oversaw World’s Largest Democratic Exercise

Rajiv Kumar later served as the 25th Chief Election Commissioner of India, where he oversaw the world’s largest general election by voter participation, according to the bank.