HDFC Bank announced today the appointment of Rajiv Kumar, a distinguished former Finance Secretary, as its new part-time Chairman. The appointment, set for a three-year term, is contingent on approval from the Reserve Bank of India (RBI).
New Leadership at HDFC Bank
Kumar, a 1984-batch ex-IAS officer, will also serve as an Additional Director (independent director) for four years, effective June 30, 2026. This independent director role is subject to the approval of the bank's shareholders.
His extensive background includes serving as India's Finance Secretary until February 2020 and a brief tenure as Chairman of the Public Enterprises Selection Board (PESB) post-retirement. Notably, Kumar also held the position of the 25th Chief Election Commissioner of India.
Context of the Appointment
The appointment comes shortly after HDFC Bank disclosed findings from external law firms, Wilson Sonsini Goodrich & Rosati and Wadia Ghandy & Co. The firms concluded that the statement made by former part-time Chairman Atanu Chakraborty upon his resignation, which cited 'certain happenings and practices within the bank' not aligning with his values, was not substantiated by documentary records or witness interviews.
HDFC Bank has confirmed that Rajiv Kumar is not debarred from holding a director's office by SEBI or any other regulatory authority. The bank's Board of Directors has approved a revised notice for its 32nd Annual General Meeting, scheduled for Wednesday, August 5, 2026, to include resolutions pertaining to this significant appointment.
Further Executive Changes
In addition to Kumar's appointment, HDFC Bank's board approved other key leadership transitions:
- Puneet Sharma has been named Chief Financial Officer – Designate (CFO-Designate) effective September 1, 2026, transitioning to Chief Financial Officer (CFO) on December 1, 2026.
- Jigar Shah was approved as General Counsel – Designate (GC-Designate) effective August 20, 2026, becoming General Counsel on October 1, 2026.
These strategic appointments underscore a period of significant leadership restructuring within one of India's largest private sector banks.