HDFC Bank’s board approves former CEC Rajiv Kumar as its PT Chairman
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**EDS: SCREENSHOT VIA ECI YOUTUBE** New Delhi: Chief Election Commissioner Rajiv Kumar speaks during a press conference for the announcement of the schedule of elections to the Legislative Assemblies of Jharkhand and Maharashtra, in New Delhi, Tuesday, Oct. 15, 2024. (PTI Photo)(PTI10_15_2024_000196B)
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HDFC Bank has identified another former senior finance‑ministry official to replace Atanu Chakraborty, who resigned abruptly as the bank’s part‑time chairman and independent director on March 17 2026 after raising concerns.
On Monday, the board of India’s biggest private‑sector lender approved naming Rajiv Kumar, a 1984‑batch IAS officer from the Jharkhand cadre, as an additional independent director and part‑time chairman, pending RBI clearance.
In an exchange filing, HDFC Bank noted that Kumar, who retired as finance secretary in February 2020 and later served as India’s 25th chief election commissioner, will join as an additional independent director effective June 30 2026 for a four‑year term.
His appointment as part‑time chairman will take effect on the date cleared by the RBI.
Kumar’s selection paves the way for a decision on reappointing Sashidhar Jagdishan as managing director and CEO for a third term.
Chakraborty, a 1985‑batch IAS officer from the Gujarat cadre, resigned as part‑time chairman and independent director, saying that certain practices he observed over the past two years conflicted with his personal values and ethics. He had previously served as the government’s economic affairs secretary for roughly a year.
After Chakraborty’s allegations, HDFC Bank engaged domestic and international law firms to examine his resignation letter.
According to a late‑last‑week regulatory filing by HDFC Bank, the external law firms found no substance to support the claims made by the former part‑time chairman.
The bank stated that the firms—Wilson Sonsini Goodrich & Rosati, P.C., and Wadia Ghandy & Co.—scrutinised thousands of documents and spoke with independent directors and several senior‑management executives.
The bank and the law firms had repeatedly asked Chakraborty to meet for the review, but he ultimately did not participate, the bank noted.
On March 18 2026, the Reserve Bank of India approved, based on the bank’s application, the appointment of Keki Mistry as interim part‑time chairman effective March 19 2026 for three months.
At its June 18 meeting, the board extended Mistry’s interim part‑time chairmanship by another three months, running to September 18 2026, or until a regular part‑time chairman is named, whichever comes first.
Published on June 29 2026
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