RBI Clears Rajiv Kumar For Three-Year Term As HDFC Bank Part-Time Chairman

The Reserve Bank of India has given its approval for the appointment of former finance secretary Rajiv Kumar as the part-time Chairman of HDFC Bank for three years, according to an exchange filing on Wednesday. 

The approval comes after HDFC Bank appointed Kumar as the new part-time chairman on June 29, 2026. 

"RBI vide its communication dated July 15, 2026, has approved the appointment of Mr. Rajiv Kumar (DIN: 08049696) as the Part Time Chairman of the Bank under Section 10B(1A)(i) of the Banking Regulation Act, 1949 for a period of 3 (three) years w.e.f. July 15, 2026," the filing stated. 

The appointment followed an abrupt exit by Atanu Chakraborty, the former part-time chairman, who had quit citing practices that he said were not aligned with his personal values and ethics.

In his resignation letter he clarified that his decision was based on matters of principle and that there were "no other material reasons" behind his exit, causing a stir in the banking world. 

Keki Mistry has been serving as the part-time chairman of HDFC Bank in the interim, after being appointed post Chakraborty's resignation in March 2026. 

Mistry's appointment was always envisaged as a stop-gap arrangement rather than a long-term solution. The chairman's role is expected to remain independent, and Mistry's long association with the HDFC group could potentially raise conflict-of-interest considerations if the arrangement were to continue indefinitely.

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Apart from serving as the part-time Chairman for a tenure of three years, Kumar will also assume responsibilities of an Additional Director (Independent Director) of the Bank for a period of 4 years, with effect from June 30, 2026.

Rajiv Kumar: New HDFC Part-Time Chairman, Ex- Finance Secy, Election Commissioner & More 

Kumar retired as Finance Secretary of India in February 2020. Post retirement he also briefly served as Chairman of Public Enterprises Selection Board (PESB).

An ex IAS officer from the 1984-batch, Kumar also played a key role in the 2019 consolidation of 10 public sector banks into four, led banking reforms, bank recapitalisation and governance initiatives in the financial sector.

Kumar also strengthened governance, risk management, and regulatory oversight across banks by institutionalising specialised monitoring for large exposures and implementing technology-driven risk assessment systems.

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