The Board of Directors of HDFC Bank has approved appointment of former finance secretary Rajiv Kumar as its new part time chairman subject to the approval of the Reserve Bank, for a three-year period. He has also Additional Director (Independent Director).
He will replace interim part time chairman Keki Mistry who had to step in following the sudden resignation of former part time chairman Atanu Chakraborty citing ethical reasons.
Kumar, 66, is a 1984-batch Ex IAS officer. He retired as Finance Secretary of India in February 2020. Post retirement Kumar also briefly served as Chairman of Public Enterprises Selection Board (PESB). He also served as Chief Election Commissioner of India from May 2022 to February 2025. Under his leadership, the poll body conducted the first election in Jammu and Kashmir after the abrogation of Article 370.
The board also recommended him as an independent director for a four-year tenure, effective June 30, the filing said, adding that this position will be subject to the approval of the shareholders at the forthcoming annual general meeting (32nd) scheduled for August 5.
On June 18, the RBI permitted the bank to extend Mistry's tenure for three more months or until a new non-executive chairman is found. Mistry had taken over the role after Atanu Chakraborty, the previous part-time chair, abruptly quit on March 18. Chakraborty had made allegations of ethical and moral issues at the bank. Following this surprise development and allegations, the bank appointed three law firms, including one from the US, to investigate the charges. Last week, the bank informed the exchanges that all three law firms found no basis for Chakraborty's allegations.
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