RBI Approves Rajiv Kumar as HDFC Bank's New Part-Time Chairman!
RBI Approves Rajiv Kumar as HDFC Bank's New Part-Time Chairman!
Major banking news! The RBI has greenlit former Finance Secretary Rajiv Kumar as HDFC Bank's Part-Time Chairman. Discover the details of this significant appointment.
In a significant development for the Indian banking sector, the Reserve Bank of India (RBI) has given its approval for the appointment of former Finance Secretary and ex-Chief Election Commissioner, Rajiv Kumar, as the Part-Time Chairman of HDFC Bank. This crucial appointment is set for a period of three years and will become effective from July 15, 2026.
HDFC Bank confirmed the appointment through a regulatory filing, noting that it has been made under Section 10B(1A)(i) of the Banking Regulation Act, 1949. This ensures the appointment adheres to the regulatory framework governing banking operations in the country.
Rajiv Kumar, aged 66, brings a wealth of experience to his new role. He is a distinguished 1984-batch IAS officer who previously held the prestigious position of Finance Secretary to the Government of India. Following this, he served as the Chief Election Commissioner, a role from which he retired in February 2025.
The appointment sees Kumar succeeding Atanu Chakraborty, who resigned from the Part-time Chairman position with immediate effect on March 18. Chakraborty's resignation letter cited that "certain happenings and practices within the bank are not in congruence with my personal values and ethics," without elaborating further on the specifics of his departure.
Meanwhile, Keki Mistry, who served as the interim Part-time Chairman, will continue to contribute to the bank's board as a Non-Executive Non-Independent Director. This strategic appointment of Rajiv Kumar is expected to bring his extensive public service experience and financial expertise to HDFC Bank's leadership.
