HDFC Bank has named Rajiv Kumar, former Finance Secretary, as its new part-time Chairman for a three-year term, as per a regulatory filing by the bank. Kumar’s appointment brings a seasoned policymaker and ex-bureaucrat to lead the bank’s board during a period of emphasis on governance enhancement. He takes over from former Chairman Atanu Chakraborty, who resigned earlier this year due to concerns about conflicting practices.
Kumar’s appointment follows Chakraborty’s departure in March 2026, after which Keki Mistry served as the interim part-time chairman. Mistry’s temporary role was seen as a measure to ensure continuity in board leadership, given his long-standing association with the HDFC group. Concerns about potential conflicts of interest were raised if the interim arrangement had prolonged.
With over thirty years of administrative and financial sector experience, Rajiv Kumar, a retired 1984-batch Indian Administrative Service officer, held the position of Finance Secretary to the Government of India until February 2020. Noteworthy for his role in significant banking reforms during his tenure in the Finance Ministry, Kumar spearheaded the 2019 consolidation of 10 public sector banks into four larger entities, aimed at enhancing efficiency and bolstering the banking system.
Kumar’s contributions include fortifying risk management and regulatory frameworks in the banking sector by advocating for specialized monitoring of large exposures and implementing technology-driven risk assessment systems. He also prioritized depositor protection and financial stability measures, such as raising deposit insurance coverage from Rs 1 lakh to Rs 5 lakh.
