Tue, Jun 30, 2026
Ex-Finance Secretary Rajiv Kumar Appointed Part-Time Chairman Of HDFC
Kumar will succeed Atanu Chakraborty who had abruptly resigned in March
Jun 29, 2026 · 1 min read
Finally, the suspense is over. Former Finance Secretary Rajiv Kumar is set to take over as the next part-time (non-executive) Chairman of HDFC Bank from June 30, 2026. The post has been lying vacant after Atanu Chakraborty’s sudden resignation in March. The decision was taken today at a board meeting.
The board in its meeting today approved the appointment of Kumar as an additional (independent) director of the bank. His term, which begins on June 30, 2026, will be for four years. Once the Reserve Bank of India approves, he will be designated Part -time Chairman for three years.
Kumar, a 1984-batch IAS officer, retired as Finance Secretary in 2020. Besides this, he had also served as Secretary, Department of Financial Services.
He was instrumental in implementing several reforms in the banking sector, introducing the famous "4R strategy" — recognition, resolution, recapitalisation and reforms. The move boosted the bottom lines of the banks.
It is also reported that the bank board will seek the reappointment of CEO Sashidhar Jagdishan for the third term. His three-year term will expire in October. The move, however, has to be cleared by the Reserve Bank of India.
Former part-time Chairman Chakraborty resigned in March, citing incongruence with his “personal values and ethics. On June 26, a report on the matter, prepared by external legal firms Wilson Sonsini Goodrich & Rosati, P.C., and Wadia Ghandy & Co., said there was no evidence to support the concerns raised by Chakraborty.
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