Former Chief Election Commissioner Rajiv Kumar Appointed Part-Time Chairman of HDFC Bank

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NEWS AGENCY KASHMIR NEWS TRUST #KNT

Mumbai, June 29, KNT: HDFC Bank on Monday appointed former Chief Election Commissioner and retired IAS officer Rajiv Kumar as its Part-time Chairman and an Additional Independent Director, marking the entry of a veteran public policy and financial sector administrator into the country’s largest private sector bank.

The bank’s Board of Directors approved Kumar’s appointment as an Additional Independent Director for a four-year term with effect from June 30, 2026, subject to shareholders’ approval. His appointment as Part-time Chairman for a three-year term will take effect after obtaining approval from the Reserve Bank of India (RBI).

In a regulatory filing, HDFC Bank described Rajiv Kumar as a seasoned public policy leader and financial sector reformer. A 1984-batch IAS officer, he served as Secretary, Department of Financial Services, where he played a key role in banking sector reforms, including the clean-up of stressed assets, recapitalisation and consolidation of public sector banks, strengthening governance and expanding financial inclusion.

Following his retirement as Finance Secretary in February 2020, Kumar briefly served as Chairman of the Public Enterprises Selection Board before being appointed the 25th Chief Election Commissioner of India. During his tenure, the 2024 Lok Sabha elections recorded the participation of about 642 million voters, including nearly 312 million women electors.

The bank also informed the stock exchanges that Kumar is not debarred from holding the office of a director by any regulatory authority. In view of the appointment, the Board approved a revised notice for the bank’s 32nd Annual General Meeting scheduled for August 5, 2026, to include the necessary resolutions for shareholders’ approval. [KNT]