HDFC Bank names Rajiv Kumar, former CEC, ex-Finance Secretary, as its chairman

Mangalore Today News Network

Mumbai, Jun 30, 2026: HDFC Bank has appointed former Finance Secretary and former Chief Election Commissioner (CEC) Rajiv Kumar as its new chairman, subject to regulatory approvals.

The bank’s board approved Kumar’s appointment as an independent director for a four-year term with effect from June 30, 2026, according to a regulatory filing. It also approved, subject to the Reserve Bank of India’s (RBI) approval, his appointment as part-time chairman for a three-year term, effective from a date to be notified by the central bank.

Kumar succeeds Atanu Chakraborty, who resigned as chairman in March, citing ethical concerns.

HDFC Bank described Kumar as a seasoned administrator who played a key role in reforming India’s banking and financial sector during his tenure as Secretary of the Department of Financial Services from 2017 to 2020. He also served as Finance Secretary before being appointed to the Election Commission.

According to the bank, Kumar spearheaded measures to strengthen public sector banks by enforcing transparent recognition of non-performing assets (NPAs), improving governance standards, enhancing regulatory oversight, and implementing reforms under the Insolvency and Bankruptcy Code (IBC). His tenure also witnessed the recapitalisation of public sector banks with capital infusion exceeding Rs 3 lakh crore and the consolidation of 27 public sector banks into 12 larger entities.

The bank noted that several initiatives aimed at curbing financial fraud and improving lending discipline were introduced under his leadership, including stricter monitoring of large loans, technology-driven risk assessment, and stronger action against shell companies and unregulated deposit schemes.

Kumar served as the 25th Chief Election Commissioner of India after joining the Election Commission as an Election Commissioner in September 2020. During his tenure, the Election Commission introduced reforms such as multiple qualifying dates for voter registration, simplified registration for young voters, and measures to improve electoral accessibility. He also supervised the conduct of the 2024 Lok Sabha elections, the world’s largest democratic exercise.

In his farewell remarks as CEC, Kumar emphasised the need to improve voter participation, particularly in urban areas, and advocated exploring remote voting options for migrant workers and facilitating voting by non-resident Indians (NRIs).

HDFC Bank also stated that Kumar is not related to any of the bank’s directors or key managerial personnel.