Who is Rajiv Kumar? The ex-poll panel chief who oversaw India’s largest elections and is now set to lead HDFC Bank
The board of HDFC Bank has appointed former Chief Election Commissioner (CEC) Rajiv Kumar as the new part-time (non-executive) Chairman for a four-year term, months after his predecessor Atanu Chakraborty abruptly resigned.
He is known for playing a key role in strengthening the country’s public sector banks through major banking reforms and later serving as survey panel chief. During his tenure as CEC, he also oversaw the 2024 Lok Sabha polls, which witnessed record voter turnout.
Lenders in India often appoint retired bureaucrats or central bankers as board chairmen, relying on their expertise in public administration, policy making and regulation to navigate the country’s complex institutional and policy environment.
What is Rajiv Kumar’s new role at HDFC?
HDFC Bank has approved the appointment of Rajiv Kumar as Independent Director of the bank for a period of four years from June 30, 2026. He will also take over as Part-Time Chairman for three years, subject to the approval of the Reserve Bank of India (RBI).
His appointment as an Independent Director is “subject to the approval of the Shareholders of the Bank”, the bank said in a stock exchange filing with the National Stock Exchange (NSE).
HDFC also clarified that Kumar had no affiliation with other executives or key management personnel of the bank or the news agency. PTI reported.
Why did the former part-time president resign?
HDFC Bank, which counts foreign institutional investors among its major shareholders, has come under scrutiny after former bureaucrat Atanu Chakraborty left his role as part-time chairman in March due to “certain events and practices” that were reportedly not in line with “personal values and ethics” at the lender, according to a Bloomberg report.
The resignation upset investors and wiped out billions of dollars from HDFC Bank’s market capitalization. The stock has since underperformed compared to its major peers, the news agency reported.
The bank later appointed Keki Mistry, a bank manager and a doyen of the Indian financial industry, as interim chairman.
The lender also said it had well-established governance frameworks. Towards the end of June, HDFC Bank conducted an independent legal review, which cited inconsistencies in Chakraborty’s statements and found no evidence to substantiate his claims.
What do we know about Rajiv Kumar?
Before joining HDFC Bank, Kumar served as Secretary in the Department of Financial Services from 2017 to 2020 and later became the 25th CEC of India and was succeeded by the current CEC Gyanesh Kumar.
During his tenure in the finance ministry, he played a role in strengthening India’s public sector banks, which at the time were dealing with various challenges, including stress on their balance sheets and governance issues.
“Through decisive policy direction and implementation, Mr. Kumar has spearheaded a comprehensive clean-up of public sector bank balance sheets by mandating transparent recognition and provision of NPAs and strengthening accountability among debtors under the Insolvency and Bankruptcy Code,” reads a section of Kumar’s profile on HDFC Bank’s website.
The bank also credited Rajiv Kumar with clearing bad loans, implementing the ‘4R strategy’ of Recognition, Resolution, Recapitalization and Reforms, acting against illegal financial practices and helping public sector banks return to sustainable profitability.
“Fraud checks, special monitoring mentioned above ₹250 crore and IT-based risk scoring based on more than 34 factors has replaced soft signals with loose controls built into loans often made by large consortiums of more than 25 banks. Opacity suddenly came at a cost. A complete reset of the Creditor-Debtor relationship with a loud and clear message that money should be lent prudently and borrowers should repay,” according to the lender’s profile on its website.
