Ex-CEC Rajiv Kumar is appointed Chairman of HDFC Bank
New Delhi, June 30: Former Chief Election Commissioner (CEC) Rajiv Kumar has been appointed as the Independent Director and designated as part-time Chairman of HDFC Bank at the age of 66 years.
The appointment for a three-year term, effective from today, is subject to approval from the Reserve Bank of India (RBI).
Kumar, a 1984-batch IAS officer, served as CEC from May 15, 2022 to February 18, 2025.
Earlier, he served as Finance Secretary of India till February 2020, a post from which he retired from the government service.
Subsequently, he briefly served as Chairman of Public Enterprises Selection Board (PESB).
In a regulatory filing on Monday, HDFC 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 sudden resignation of Atanu Chakraborty as the Chairman 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. (BVI)
