HDFC Bank Names Former Finance Secretary & CEC Rajiv Kumar as Part-Time Chairman

HDFC Bank today said it has appointed former Finance Secretary and ex-Chief Election Commissioner Rajiv Kumar as its part-time chairman. 

The appointment is for a three-year term, subject to approval from the Reserve Bank of India and shareholders. It follows resignation of Atanu Chakraborty as chairman in March and days after a legal review found no evidence to support his allegations of governance lapses at the lender.

In an exchange filing on Monday, HDFC Bank said Kumar has also been appointed as an independent director on the bank's board for four years with effect from June 30. His three-year tenure as part-time chairman will commence from the date approved by the RBI.

Kumar succeeds veteran banker Keki Mistry, who was appointed interim part-time chairman after Chakraborty's resignation. Earlier this month, the RBI had extended Mistry's tenure by 90 days, or until the appointment of a regular chairman, whichever was earlier, ensuring continuity in the bank's governance during the selection process.

A 1984-batch Indian Administrative Service officer, Kumar retired as Finance Secretary in February 2020 after holding several key positions in the finance ministry. He later served as the 25th Chief Election Commissioner of India and oversaw the 2024 Lok Sabha general elections.  End

Published by Arshad Hussain