HDFC Bank Names Ex-CEC Rajiv Kumar as New Chairman Amid Strategic Overhaul

HDFC Bank appointed former Chief Election Commissioner Rajiv Kumar as its new Part-time (Non-Executive) Chairman, ensuring leadership stability for future growth. Kumar's appointment comes after an extensive search following Atanu Chakraborty's departure and is subject to shareholder and RBI approval, marking a pivotal moment in the bank's strategic direction.

HDFC Bank has announced the appointment of Rajiv Kumar, former Chief Election Commissioner, as its new Part-time (Non-Executive) Chairman. This move, according to the bank, is crucial for ensuring leadership stability as it prepares for future growth phases. The bank disclosed in an NSE exchange filing that Kumar's appointment as an Additional Independent Director for four years begins on June 30, 2026, pending shareholder approval.

The board's decision also includes Kumar’s appointment as Part-time Chairman for three years, awaiting the Reserve Bank of India's sanction. Assurances have been made that Kumar holds no bans from directorship by SEBI or any other authority. This leadership change comes on the heels of a search prompted by Atanu Chakraborty's unexpected resignation in March 2026, following internal disagreements over bank practices.

Rajiv Kumar, who has an extensive background including a notable tenure as Finance Secretary, has been involved in major financial reforms and oversaw India's 2024 general elections. With Kumar's role confirmed, the bank is expected to extend the term of its MD and CEO, Sashidhar Jagdishan, as it gears up for its upcoming AGM in August 2026, which will include key resolutions on Kumar's appointment.