Meet Rajiv Kumar: The Economist-Turned-Banker Leading HDFC Bank

HDFC Bank has appointed former Finance Secretary and Chief Election Commissioner Rajiv Kumar as an independent director for a four-year term. He has been named the private lender's next part-time chairman, subject to approval by the Reserve Bank of India (RBI).

Kumar’s appointment as an independent director was effective June 30, 2026, and his three-year term as part-time chairman will begin after the RBI approves the appointment and remuneration, the bank said in its regulatory filing.

Kumar is replacing Atanu Chakraborty, who resigned as chairman in March 2026 citing ethical concerns. Before joining HDFC Bank, Kumar was India’s 25th Chief Election Commissioner and previously served as Secretary in the Department of Financial Services.

Who is Rajiv Kumar?

Rajiv Kumar is a former Indian Administrative Service (IAS) officer with extensive experience in public administration and financial policymaking.

He served as Secretary of the Department of Financial Services from 2017 to 2020 before being appointed as an Election Commissioner of India in September 2020, and later as India’s 25th Chief Election Commissioner, leading the 2024 Lok Sabha elections before his term ended in February 2025.

Rajiv Kumar holds a Bachelor of Science (BSc) degree from St. Stephen's College, Delhi. He later completed a Bachelor of Laws (LLB) from the University of Delhi, a Post Graduate Diploma in Management (PGDM) and a master's degree in public policy.

Rajiv’s Career in Banking

During his tenure as Secretary of the Department of Financial Services, Kumar spearheaded several banking reforms aimed at strengthening public sector banks. He oversaw the ₹3 trillion recapitalisation of public sector banks and the consolidation of 27 public sector banks into 12 entities.

He also increased the deposit insurance cover from ₹1 lakh to ₹5 lakh, restructured regional rural banks under a one state–one Regional Rural Bank (RRB) model and implemented the government's 4R strategy — Recognition, Resolution, Recapitalisation and Reforms.

Kumar also spearheaded the clean-up of public sector bank balance sheets, introduced measures to improve asset quality and profitability and strengthened oversight of the banking sector.

He also served on the Central Board of the Reserve Bank of India, the Financial Stability and Development Council, the Bank Board Bureau and the boards of several financial institutions before moving to HDFC Bank in his new role.