HDFC Bank appoints former CEC Rajiv Kumar as part-time chairman after months-long search

HDFC Bank has appointed former Chief Election Commissioner Rajiv Kumar as its part-time non-executive chairman, ending a prolonged search for a successor at the top of the board.

The decision was taken at a board meeting on June 29, 2026, and was disclosed in an exchange filing to the National Stock Exchange, the lender said. The bank said the move is intended to provide stability as it prepares for its next phase of growth and seeks continuity in leadership.

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A measured march towards the chairman's office

According to the filing, the board approved Kumar’s appointment as an additional director and independent director for four years, effective June 30, 2026. That appointment will require shareholder approval.

The board also cleared his elevation as part-time chairman for three years, subject to approval from the Reserve Bank of India, along with the related remuneration. HDFC Bank said Kumar is not barred from serving as a director under any order passed by the Securities and Exchange Board of India or any other authority.

A vacancy that lingered rather too long

The opening at the top of the board had remained unfilled since Atanu Chakraborty resigned on March 18, 2026. Chakraborty had said he was stepping down because “certain happenings and practices” within the bank were “not in congruence” with his personal values and ethics.

A subsequent independent legal review by Wilson Sonsini Goodrich & Rosati and Wadia Ghandy & Co. found that his allegations were “not substantiated.” Veteran banker Keki Mistry had been serving as interim part-time chairman in the meantime.

A public servant steps into the banking fold

Kumar, 66, retired as finance secretary in 2020 before going on to serve as India’s 25th Chief Election Commissioner, a role in which he oversaw the 2024 Lok Sabha polls.

He also served in key financial roles, including at the Department of Financial Services, and had been associated with boards such as RBI, SBI, and NABARD. The bank is also expected to take up the extension of managing director and chief executive Sashidhar Jagdishan’s tenure, which ends in October 2026, at its 32nd annual general meeting scheduled for August 5, 2026.

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FAQs

Q1: Who is the new chairman of HDFC Bank?

Ans: Former Chief Election Commissioner Rajiv Kumar has been appointed as HDFC Bank's part-time non-executive chairman, subject to regulatory and shareholder approvals.

Q2: Why did HDFC Bank appoint Rajiv Kumar as chairman?

Ans: The bank appointed Rajiv Kumar to fill the board vacancy following Atanu Chakraborty's resignation and ensure continuity in leadership.