HDFC Bank names Rajiv Kumar as Part-Time Chairman

HDFC Bank has appointed former public policy expert Rajiv Kumar as an Independent Director and designated him as its Part-Time Chairman for a three-year term, subject to approval from the Reserve Bank of India (RBI), marking a key step in strengthening the lender’s board following recent leadership changes.

In a regulatory filing on Monday, India’s largest private sector bank said Kumar’s appointment as an independent director will take effect from 30 June, subject to shareholder approval. His three-year tenure as part-time Chairman will commence from a date approved by the RBI.

The appointment comes at a significant juncture for the bank, which has been in the spotlight following the resignation of former Chairman Atanu Chakraborty in March. Chakraborty had stepped down before completing his tenure, citing ethical differences with the bank’s management.

His departure prompted the bank to initiate an independent legal review into the concerns he had raised. The review, completed earlier this month, reportedly found no evidence to substantiate the allegations, clearing the bank of any governance lapses linked to the issues highlighted by the former chairman.

A seasoned economist and public policy expert, Kumar has held several senior positions in government and the private sector. His experience spans economic policy, financial sector reforms and corporate governance, making him a notable addition to the board of India’s largest private lender by market capitalisation.

The appointment is subject to the customary approvals from both shareholders and the banking regulator. Once approved by the RBI, Kumar will assume the role of part-time Chairman for a three-year term, overseeing the board while the bank continues to execute its long-term growth and governance agenda.