RBI greenlights three-year term for Rajiv Kumar as HDFC Bank chair

HDFC Bank on Wednesday said that the Reserve Bank of India (RBI) has approved the appointment of Rajiv Kumar as the chairman of the lender for three years.

“In furtherance to our intimation dated June 29, 2026, we wish to inform you that pursuant to an application made by the bank to the Reserve Bank of India, the RBI vide its communication dated 15 July 2026, has approved the appointment of Rajiv Kumar as the Part Time Chairman of the bank..,” it said in a regulatory filing.

On 29 June, the board of HDFC Bank had approved the appointment of Rajiv Kumar as part-time chairman and additional (independent) director, three days after an external legal review cleared the bank in the controversy surrounding the exit of former chairman Atanu Chakraborty.

Kumar, who is a former chief election commissioner (CEC) and financial services secretary, will succeed interim chairman Keki Mistry.

Mint had reported that Kumar will be the second IAS officer to hold the position after his junior and former chairman Chakraborty—a retired 1985 batch IAS officer of the Gujarat cadre—stepped down in March 2026, after citing concerns over “certain happenings and practices within the bank”. Kumar is a 1984-batch IAS officer from the Jharkhand cadre.

His appointment comes ahead of the board's decision on managing director and chief executive officer Sashidhar Jagdishan's reappointment, which is due for review when his current term ends on 26 October 2026. Mint had earlier reported that the board was awaiting the findings of an external legal review before taking a call on his reappointment.

Kumar served as secretary of the department of financial services (DFS) from 2017 to 2020. In that role, he cracked down on shell companies and black money in the financial services system and facilitated curbs on Ponzi schemes through The Banning of Unregulated Deposits Schemes Act, 2019.

He also spearheaded a comprehensive clean-up of public sector bank balance sheets with a focus on profitability and improved asset quality. This involved the ₹3 trillion recapitalization of public sector banks, consolidation of 27 PSU banks into 12 stronger entities, increase in the deposit insurance cover from ₹1 lakh to ₹5 lakh, and rationalization of regional rural banks (RRBs) into a one state–one RRB structure.

Shayan leads the coverage for banking and finance in Mint. Based in Mumbai, he has spent 15 years as a journalist, joining the Mint team in 2018. Over the years, he has tracked the Reserve Bank of India (RBI), commercial banks, and the complex world of shadow banking.<br><br>His expertise goes beyond just reporting news, and he specializes in explaining the "why" behind India’s financial shifts. Shayan has covered major milestones in the industry, including the rollout of the Insolvency and Bankruptcy Code (IBC), mergers in the banking and non-banking space, and the many challenges facing the country's credit markets. He has tracked cases of wrongdoings at India’s private sector banks and murky boardroom battles, trying to get behind the scenes.<br><br>Shayan is driven by a commitment to accuracy and clear, honest reporting. He believes in making finance easy to understand, ensuring his readers and investors stay informed about the forces shaping their money. When not at work, he tries to hone his amateurish photography skills, read fiction, and listen to music. You can follow his work and updates on LinkedIn and Twitter/X.

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