#HDFCBank Names Former Finance Secretary Rajiv Kumar as Part-Time Chairman

Lucknow : In a major leadership transition, the Board of Directors of HDFC Bank has approved the appointment of former Finance Secretary Rajiv Kumar as an Additional Independent Director for a four-year term, effective June 30, 2026. Subject to regulatory approvals, Kumar is also set to take over as the bank's part-time Chairman for a three-year tenure.

The 1984-batch retired IAS officer succeeds interim part-time chairman Keki Mistry. Mistry had temporarily stepped into the role following the abrupt resignation of former chairman Atanu Chakraborty, who vacated the position citing ethical reasons.

Kumar’s appointment comes with a distinguished track record in public policy and financial governance. As India's Financial Services Secretary between 2017 and 2020, he famously navigated the banking sector through a turbulent era marked by soaring non-performing assets (NPAs), capital inadequacy, and severe governance challenges across public sector lenders and NBFCs. He later served a brief stint as the Chairman of the Public Enterprises Selection Board (PESB) after retiring as Finance Secretary in February 2020.

HDFC Bank confirmed that Kumar faces no regulatory debarments from SEBI or any other statutory authority.

"The Board of Directors has approved the revised Notice convening the 32nd Annual General Meeting (AGM) scheduled for Wednesday, August 5, 2026, to include resolutions relating to the appointment," the bank stated in its regulatory filing.