HDFC Bank’s board of directors has moved into the top board position by appointing former Chief Election Commissioner Rajeev Kumar as part-time (non-executive) Chairman, a move the bank says will provide stability as it prepares for its next phase of growth and seeks continuity at the executive level.
“We would like to inform you that the Board of Directors of the bank in its meeting held today, i.e. on June 29, 2026… has approved the appointment of Mr. Rajeev Kumar as Additional Director (Independent Director) of the bank for a period of 4 (four) years, effective from June 30, 2026,” HDFC Bank said in an exchange filing on the NSE. Appointment as an independent director is subject to the approval of the bank’s shareholders.
The Board also approved, subject to approval by the Reserve Bank of India (RBI), the appointment, including remuneration, of Rajiv Kumar as part-time Chairman of the bank for a period of three years with effect from the date approved by the central bank.
The bank asserted that Rajeev Kumar is not prohibited from holding the position of director, by any order passed by SEBI or any other such authority.
Why did the last president resign?
This appointment ends a months-long search after Atanu Chakraborty suddenly stepped down from his position on March 18, 2026, stating that “certain events and practices” within the bank…were not “consistent” with his personal values and ethics.
An independent legal review by Wilson Sonsini Goodrich, Rosati, Wadia Gandhi & Co. found that Chakraborty’s allegations were “unsubstantiated.”
Veteran banker Kiki Mistry took over as interim chairman on a part-time basis.
Career graph of Rajeev Kumar
Kumar (66) retired as finance minister in February 2020. As secretary of the Department of Financial Services from 2017 to 2020, he “led the clean-up of public sector banks’ balance sheets” through the “4R strategy – recognition, resolution, recapitalization and reforms”.
His tenure saw “exceeding capital infusions $3 lakh crore in public sector banks, merging 27 public sector banks into 12 entities.” He later served as the 25th Chief Election Commissioner, overseeing the 2024 Lok Sabha polls with “about 642 million voters”. He was also a member of the boards of RBI, SBI and NABARD.
With the Chairman now appointed, the Board is expected to extend the tenure of Managing Director and CEO Sashidhar Jagdishan, whose current term expires in October 2026. The bank has scheduled its 32nd AGM on August 5, 2026, with a revised notification to include decisions relating to Kumar’s appointment.