Who is Rajiv Kumar, Former CEC and Now Part Time HDFC Chairman?

HDFC Bank has appointed former Finance Secretary Rajiv Kumar as its part-time chairman for a three-year term, subject to approval from the Reserve Bank of India (RBI). The bank's board also inducted him as an Additional Independent Director for a four-year term effective June 30, 2026, subject to shareholders' approval.

The appointments were approved on the recommendation of the bank's Governance, Nomination and Remuneration Committee.

Kumar will succeed Atanu Chakraborty, who resigned as chairman in March, citing ethical considerations. Following the announcement, HDFC Bank shares are likely to remain in focus.

Appointment Faces No Regulatory Hurdles

HDFC Bank said Kumar is not barred from holding the office of director by the Securities and Exchange Board of India (SEBI) or any other statutory or regulatory authority.

Banking Reforms Under Rajiv Kumar

The bank highlighted Kumar's tenure as Secretary, Department of Financial Services, between 2017 and 2020-a period when the banking sector was grappling with elevated non-performing assets (NPAs), capital constraints at public sector banks, governance challenges and stress in the non-banking financial company (NBFC) sector following demonetisation.

According to HDFC Bank, Kumar initiated several structural reforms during his tenure. Within weeks of assuming office, bank accounts linked to nearly 3.38 lakh shell companies were frozen as part of the government's crackdown on black money. He also played a key role in the enactment of the Banning of Unregulated Deposit Schemes Act, 2019, which strengthened the regulatory framework against Ponzi schemes and fraudulent deposit-taking entities.

Driving NPA Resolution and Strengthening Financial Governance

The bank credited Kumar with leading the clean-up of public sector bank balance sheets by ensuring transparent recognition and provisioning of NPAs, while reinforcing accountability through the Insolvency and Bankruptcy Code (IBC).

His tenure also witnessed tighter regulatory oversight of cooperative banks, stronger action against illicit financial practices and wilful defaulters, and the introduction of stricter safeguards for large borrowers. Among these measures was the mandatory submission of passport details for borrowers seeking loans of ₹50 crore or more, aimed at preventing economic offenders from leaving the country before regulatory action could be taken.

Who is Rajiv Kumar?

Rajiv Kumar is a retired Indian Administrative Service officer who became the 25th Chief Election Commissioner of India.

He was born on 19 February 1960 and is described as a 1984-batch IAS officer. He later served as India's Finance Secretary before joining the Election Commission. Public profiles also describe him as a former Expenditure/Finance official who held senior roles across the Union government.

He joined the Election Commission as Election Commissioner on 1 September 2020 and became Chief Election Commissioner on 15 May 2022. He served until 18 February 2025, making his total tenure in the Commission about 4.5 years. During his time as CEC, he oversaw the 2024 Lok Sabha election, the 2022 Presidential and Vice-Presidential polls, and elections across multiple states and Union Territories.

He is widely associated with managing a full electoral cycle during a politically intense period, including the 2024 general election. Some reports also credit him with presiding over record voter participation in the 2024 Lok Sabha election. At the same time, his tenure drew political criticism from some quarters, especially around voter-list and election-management disputes, which is common for a high-profile CEC.

Outside office, he has a public image of being a career bureaucrat with deep experience in finance, personnel administration, and governance. His social profile also describes him as a trekker, seeker, and family person. In short, ex-CEC Rajiv Kumar is a senior Indian bureaucrat who served at the top of both the Finance Ministry and the Election Commission, and is now being used in a governance role in the banking sector.