Former Chief Election Commissioner Rajiv Kumar Joins HDFC Bank As Part-Time Chairman

Published 15 July 2026 · finance

Chief Election Commissioner Rajiv Kumar Joins HDFC Bank As Part-Time Chairman Published By, Last Updated: July 15, 2026, 20:14 IST The former Chief Election Commissioner

Chief Election Commissioner Rajiv Kumar Joins HDFC Bank As Part-Time Chairman Published By, Last Updated: July 15, 2026, 20:14 IST The former Chief Election Commissioner and e Finance Secretary will serve as HDFC Bank's part-time chairman for three years from July 15. Rajiv Kumar, who previously headed the Election Commission and the Department of Financial Services, will take charge from July 15. (IMAGE: PTI) Chief Election Commissioner Rajiv Kumar has been appointed part-time chairman of HDFC Bank after receiving approval from the Reserve Bank of India (RBI), the country’s largest private lender said on Wednesday. Kumar’s three-year term comes into effect from July 15, 2026, HDFC Bank said in a regulatory filing. The bank also said interim chairman Keki Mistry will continue as a non-executive non-independent director.

Before heading the Election Commission, Kumar served as Finance Secretary and Secretary in the Department of Financial Services, where he oversaw key banking sector reforms between 2017 and 2020. According to HDFC Bank, Kumar played a key role in cleaning up public sector bank balance sheets by pushing transparent recognition of non-performing assets (NPAs), strengthening the Insolvency and Bankruptcy Code framework and driving the government’s ‘4R strategy’ of Recognition, Resolution, Recapitalisation and Reforms. The bank said the reforms helped restore profitability and improve asset quality across public sector banks. His tenure also saw tighter action against shell companies and financial fraud, stronger oversight of cooperative banks and mandatory passport details for borrowers seeking loans of Rs 50 crore and above. HDFC Bank said a capital infusion of more than Rs 3 lakh crore into public sector banks during Kumar’s tenure helped strengthen their balance sheets and revive lending.

News18 Newsletter Handpicked stories, in your inbox A newsletter with the best of our journalism submit Key Questions Answered What impact will Rajiv Kumar have on HDFC Bank? Rajiv Kumar has been appointed as the part-time chairman of HDFC Bank for a three-year term, effective July 15, 2026, following RBI approval. His appointment is expected to provide stability as the bank enters its next growth phase. How will this appointment affect the banking sector? Rajiv Kumar's appointment as part-time chairman of HDFC Bank is expected to bring stability and continuity to the bank's next growth phase. His extensive experience in financial sector reforms, including overseeing banking sector clean-ups and NPA recognition, is highlighted. About the Author Shankhyaneel Sarkar Shankhyaneel Sarkar is a senior subeditor at News18.