- Rajiv Kumar appointed part-time Chairman of HDFC Bank, succeeding Atanu Chakraborty
- Kumar led 2019 consolidation of 10 public sector banks into four major entities
- He retired as Finance Secretary in 2020 and briefly chaired Public Enterprises Selection Board
HDFC Bank has named former Finance Secretary Rajiv Kumar as the new part-time Chairman, succeeding Atanu Chakraborty after a wait of three months.
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.
In 2019, under a mega amalgamation of PSBs, Oriental Bank of Commerce and United Bank of India were merged with Punjab National Bank, Syndicate Bank with Canara Bank, Andhra Bank and Corporation Bank with Union Bank of India, and Allahabad Bank with Indian Bank.
Kumar retired as Finance Secretary of India in February 2020. Post retirement he also briefly served as Chairman of Public Enterprises Selection Board (PESB).
He led a comprehensive clean-up of public sector bank balance sheets by mandating transparent recognition and provisioning of NPAs and by enforcing accountability among borrowers under the Insolvency and Bankruptcy Code framework.
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.
ALSO READ: HDFC Bank Appoints Ex-Finance Secy Rajiv Kumar As Part-Time Chairman
He placed equal emphasis on depositor protection and financial stability, including enhancing deposit insurance coverage from Rs 1 lakh to Rs 5 lakh.
In addition to that, Kumar implemented several initiatives such as mandating passport details for loans of Rs 50 crore and above, fraud checks, specialised monitoring above Rs 250 crore, and IT-based risk scoring.
The retired Finance secy has either sat on or chaired most of the bodies that touch the country's financial architecture including the Central Board of Reserve Bank, the Financial Stability and Development Council, the Financial Sector Regulatory Appointments Search Committee among many others.
Beyond the financial sector, the new HDFC part-time Chairman has also served as the 25th Chief Election Commissioner of India starting 2022 till Feb. 2025. During this period, the 2024 Lok Sabha elections were held.
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 four years, with effect from June 30, 2026.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.