HDFC Bank appoints former Finance Secretary Rajiv Kumar as part-time chairman
New Delhi, July 15
HDFC Bank on Wednesday announced that it has received approval from the Reserve Bank of India to appoint former Finance Secretary and ex-Chief Election Commissioner Rajiv Kumar as its part-time chairman for a period of three years, effective July 15, 2026.
The private sector lender said in a regulatory filing that the appointment has been approved by the RBI under Section 10B(1A)(i) of the Banking Regulation Act, 1949. The approval follows the bank's application to the central bank and an earlier disclosure made on June 29.
"We wish to inform you that pursuant to an application made by the Bank to the Reserve Bank of India, the RBI has approved the appointment of Rajiv Kumar as the Part Time Chairman of the Bank for a period of three years w.e.f. July 15," the private lender said in its filing.
HDFC Bank also expressed gratitude to Keki Mistry for his leadership and guidance during his tenure as interim part-time chairman.
Mistry will continue to serve on the bank's board as a non-executive, non-independent director.
"The Bank places on record its sincere gratitude to Keki Mistry for his valuable guidance and contributions during his tenure as the Interim Part-time Chairman of the Bank. Mistry continues to be a Non-Executive Non-Independent Director of the Bank," it added.
Rajiv Kumar brings decades of experience in public policy, financial sector reforms and governance to the role.
He is widely recognised for steering key banking reforms during a challenging period between 2017 and 2020, when India's banking system was grappling with elevated non-performing assets (NPAs), weak capital buffers and governance issues.
A 1984-batch Indian Administrative Service (IAS) officer, Kumar retired as Finance Secretary in February 2020 after heading the Department of Financial Services.
Following his retirement, he briefly served as chairman of the Public Enterprises Selection Board (PESB) before later taking over as the 25th Chief Election Commissioner of India.
— IANS
Reader Comments
At last! A seasoned bureaucrat who actually understands the financial sector. Unlike some political appointees we've seen in other banks. Kumar's role in the PSU bank consolidation was masterful - hope he brings that same clarity to HDFC. But why does a private bank need a former govt secretary? 🤷♂️
I remember the deposit insurance hike from Rs 1 lakh to Rs 5 lakh - that was a game-changer for small savers like my parents. If Kumar had a hand in that, he's a good choice. Let's see if HDFC's governance actually improves. Chakraborty's resignation was quite shocking honestly 😮
While I respect Kumar's credentials, I'm slightly concerned about the revolving door between government and private sector. A retired finance secretary joining a major private bank - doesn't this create potential conflicts? The article mentions Chakraborty left over "practices not aligned with his values" - that's a red flag. Hope Kumar prioritizes ethics over profits. 🤨
Another bureaucrat in a private bank boardroom. But credit where due - Kumar has genuine domain expertise. The PSB consolidation was controversial but necessary. HDFC needs someone who can navigate regulatory complexities. Let's see if he addresses the conflict-of-interest concerns that Mistry's interim tenure raised. Fingers crossed! 🤞
Interesting appointment, but the real question is: will this restore confidence after Chakraborty's dramatic exit? The article mentions "strengthening governance" - let's see if Kumar's PSB reform experience translates to a private bank context. Also
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