HDFC Bank gets RBI nod for former CEC Rajiv Kumar as part-time chair

Former Chief Election Commissioner Rajiv Kumar will serve as HDFC Bank's part-time chairman for three years after receiving the Reserve Bank of India's approval

HDFC Bank, India's largest private sector lender, on Wednesday said the Reserve Bank of India (RBI) has approved the appointment of former Chief Election Commissioner Rajiv Kumar as the bank's part-time chairman for a period of three years with effect from July 15.

 

Kumar is expected to chair his first board meeting on July 18, when the bank's board will consider its financial results for the first quarter of FY27. One of Kumar's immediate priorities as chairman will be to lead the board's deliberations on the reappointment of Managing Director and Chief Executive Officer (CEO) Sashidhar Jagdishan.

 

In a regulatory filing, the bank thanked Keki Mistry, who served as interim part-time chairman after Atanu Chakraborty's resignation in March.

   

"The bank places on record its sincere gratitude to Mr Keki Mistry for his valuable guidance and contributions during his tenure as the interim part-time chairman of the bank. Mr Mistry continues to be a non-executive, non-independent director of the bank," HDFC Bank said.

 

Last month, the bank's board had approved Kumar's appointment as part-time chairman for three years, subject to RBI approval. It had also approved his appointment as an additional independent director for four years, subject to shareholders' approval.

 

Kumar, 66, is a retired Indian Administrative Service (IAS) officer who served as Chief Election Commissioner from May 2022 to February 2025. Earlier, he was finance secretary and secretary, Department of Financial Services, before retiring from government service in February 2020.