Rajiv Kumar Appointed HDFC Bank Part-Time Chairman After RBI Approval

New Delhi, July 2026 : HDFC Bank on Wednesday announced the appointment of former Finance Secretary and former Chief Election Commissioner Rajiv Kumar as its Part-Time Chairman after receiving approval from the Reserve Bank of India (RBI). Kumar will serve a three-year term beginning July 15, 2026, bringing decades of experience in public administration, financial sector reforms and governance to the country’s largest private sector bank.

The appointment was approved by the RBI under Section 10B(1A)(i) of the Banking Regulation Act, 1949, following an application submitted by HDFC Bank. The bank confirmed the development through a regulatory filing, stating that the central bank had cleared Kumar’s appointment after reviewing its proposal.

In its filing, HDFC Bank said the RBI had approved Rajiv Kumar’s appointment as Part-Time Chairman for a period of three years with effect from July 15, 2026. The approval follows an earlier disclosure made by the bank on June 29 regarding the proposed appointment.

The bank also acknowledged the contribution of Keki Mistry, who served as Interim Part-Time Chairman during the transition period. HDFC Bank thanked Mistry for his guidance and leadership, noting that his experience had helped the institution during the interim phase.

While stepping down from the chairman’s role, Mistry will continue to remain associated with the bank as a Non-Executive, Non-Independent Director on its Board, ensuring continuity in governance and strategic oversight.

Rajiv Kumar is regarded as one of India’s most experienced civil servants, having played a significant role in shaping the country’s financial and banking policies over the past decade. A 1984-batch Indian Administrative Service (IAS) officer, he retired as Finance Secretary in February 2020 after leading the Department of Financial Services in the Ministry of Finance.

During his tenure, Kumar oversaw several key banking reforms at a time when India’s financial sector was facing mounting challenges, including high levels of non-performing assets (NPAs), capital constraints and governance issues across public sector banks. He was closely associated with measures aimed at strengthening the banking system, improving financial stability and enhancing institutional governance.

Following his retirement from the civil services, Kumar briefly served as Chairman of the Public Enterprises Selection Board (PESB) before being appointed as the 25th Chief Election Commissioner of India, where he supervised major electoral exercises and institutional reforms.

His appointment as Part-Time Chairman is expected to further strengthen HDFC Bank’s corporate governance framework, drawing on his extensive experience in public policy, regulatory affairs and financial sector administration.

With the RBI’s approval now in place, Rajiv Kumar officially assumes charge as Part-Time Chairman, marking a new chapter in HDFC Bank’s leadership as the lender continues to focus on sustained growth, robust governance and long-term value creation.