HDFC Bank appoints Rajiv Kumar as part-time chairman after Atanu Chakraborty resignation

HDFC Bank’s board, late on Monday, approved the appointment of Rajiv Kumar as part-time chairman and additional independent director, marking a key leadership change at India’s largest private sector lender. The decision comes just days after an external legal review cleared the bank in the controversy linked to the resignation of former chairman Atanu Chakraborty.Kumar, a former Chief Election Commissioner and former Secretary of the Department of Financial Services, will take over from interim chairman Keki Mistry. \His appointment will require approval from the Reserve Bank of India (RBI), and his tenure as chairman will be for three years from the date of regulatory approval. Separately, his term as independent director will be for four years starting 30 June 2026, subject to shareholder approval.Kumar becomes the second IAS officer to hold the chairman’s position at the bank. He follows Atanu Chakraborty, a retired 1985-batch IAS officer of the Gujarat cadre, who resigned in March 2026 citing concerns over “certain happenings and practices within the bank.” Atanu Chakraborty Questions HDFC Bank Legal Review, Calls Process Unnecessary Kumar is a 1984-batch IAS officer from the Jharkhand cadre. His appointment also comes ahead of another major leadership decision—the reappointment of Managing Director and CEO Sashidhar Jagdishan, whose current term ends on 26 October 2026. The bank had delayed its decision pending the outcome of the external legal review. That review, released on 26 June, concluded that there was “no basis” for the concerns raised by Chakraborty.Earlier media reports had suggested that former RBI Deputy Governor Rajeshwar Rao was also being considered for the chairman’s role.According to a Macquarie Research note, clarity in top management is expected to serve as a positive catalyst for the bank, allowing leadership to shift focus from governance issues to business growth and operational stability.Separately, the board also approved the appointment of Puneet Sharma as CFO-designate effective 1 September 2026, and as CFO from 1 December 2026, replacing incumbent Srinivasan Vaidyanathan. Sharma currently serves as CFO at Axis Bank and will remain there until 31 August.Kumar’s administrative background includes his tenure as Secretary, DFS (2017–2020), during which he strengthened regulatory oversight of financial systems, acted against shell companies, and supported the implementation of the Banning of Unregulated Deposit Schemes Act, 2019.

From leading India's public sector bank clean-up to overseeing the world's biggest election, Rajiv Kumar now takes on one of corporate India's most closely watched boardroom roles

The board approved the appointment of Rajiv Kumar as an Independent Director of the bank for a period of 4 years, with effect from June 30, 2026, HDFC Bank said in a regulatory filing.

MUMBAI: HDFC Bank has appointed former Financial Services Secretary, Rajiv Kumar, as its part-time chairman for a four-year term with effect from June 30. Kumar's appointment has received the approval of the Reserve Bank of India, the lender said late Monday.Kumar (66), a seasoned public policy leader and financial sector reformer, is widely credited with playing a key role in revitalising India's banking and financial system during a period of significant stress between 2017 and 2020.During his tenure, he strengthened governance, risk management and regulatory oversight across banks by institutionalising specialised monitoring of large exposures and introducing technology-driven risk assessment systems.There was no material concern beyond what I’d already written: HDFC's Atanu ChakrabortyEarlier this month, HDFC Bank had received RBI approval to extend the tenure of interim part-time Chairman Keki Mistry by three months, until September 18 or until a new non-executive chairman was appointed. Kumar succeeds former Financial Services Secretary Atanu Chakraborty, who resigned on March 18, citing certain practices at the bank that he said were "not congruent" with his value system. The resignation sent shockwaves through India's banking sector and triggered an immediate decline in HDFC Bank's share price.But a legal review later found no merit in Chakraborty's claims, the lender said, confirming an earlier ET newsbreak.

Kumar, who retired as Finance Secretary in February 2020 and later also served as the 25th Chief Election Commissioner of India, is appointed as an Additional Director with effect from June 30, 2026 for 4 years