New Delhi, July 15 (IANS). HDFC Bank on Wednesday announced that the Reserve Bank of India (RBI) has approved the appointment of former Finance Secretary and former Chief Election Commissioner Rajiv Kumar as part-time Chairman of the bank. His appointment has become effective from July 15, 2026 and his tenure will be for three years.
This private sector bank said in an exchange filing that this appointment has been approved by the RBI under Section 10B(1A)(i) of the Banking Regulation Act, 1949. This approval has been received after the application sent by the bank to RBI and prior disclosure made on June 29.
HDFC Bank said in its filing, “We wish to inform you that based on the application made by the bank to the Reserve Bank of India, the RBI has approved the appointment of Rajeev Kumar as part-time chairman of the bank for a period of three years with effect from July 15.”
The Bank also expressed its gratitude to Keki Mistry for his leadership and guidance as Interim Part-Time Chairman. The bank said that Mistry will continue to serve on the bank’s board of directors as a non-executive and non-independent director.
“The Bank expresses its heartfelt gratitude to Keki Mistry for his valuable guidance and contribution as Interim Part-Time Chairman. Mistry will continue to serve as a Non-Executive, Non-Independent Director of the Bank,” the bank said.
Rajiv Kumar brings decades of experience in the fields of public policy, financial sector reforms and good governance. He is particularly known for leading significant banking reforms in the Indian banking system between 2017 and 2020 amid high non-performing assets (NPAs), weak capital base and governance challenges.
Rajeev Kumar, a 1984 batch Indian Administrative Service (IAS) officer, retired from the post of Finance Secretary in February 2020. During this period he headed the Financial Services Department.
After retirement he served as Chairman of the Public Enterprises Selection Board (PESB) for some time. After this he was appointed the 25th Chief Election Commissioner of India.
–IANS
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