India's HDFC Bank appointed former Finance Secretary and ex-Chief Election Commissioner Rajiv Kumar as its part-time chairman on Monday, ending months of uncertainty over the bank's leadership after its former chairman resigned abruptly in March.
Kumar's appointment as part-time chairman is subject to approval from the Reserve Bank of India.
The appointment comes after months of upheaval on the board of India's largest private lender. In March, former chairman Atanu Chakraborty resigned abruptly, citing differences over "values and ethics", triggering a sharp selloff in the bank's shares and prompting the Reserve Bank of India to reassure investors.
Last week, a legal review found no evidence to support Chakraborty's concerns.
After Chakraborty's resignation, longtime HDFC group insider Keki Mistry took over the role of chairman on an interim basis for three months. On June 18, the RBI extended his tenure for an additional three months or till a new chairman is appointed.
Kumar's appointment as independent director is effective June 30, subject to shareholder approval, while his three-year tenure as part-time chairman will begin from a date approved by the RBI, the bank said.
"Kumar is known as a clean-up specialist with deep experience in banking sector reforms... his appointment finally resolves the conundrum over HDFC Bank's board leadership," said Anand Dama, executive director at market research firm Nuvama Institutional Equities.
"The major issue that remains is the RBI's decision on the MD and CEO's term extension; investors will watch keenly for developments on that front."
Kumar, 66, is a former finance secretary who headed the Department of Financial Services between 2017 and 2020, where he oversaw the recapitalisation of India's public sector banks during a period of elevated bad loans.
A 1984-batch Indian Administrative Service officer, he later served as Chief Election Commissioner between 2022 and 2025. Under his leadership, the poll body conducted the first election in Jammu and Kashmir after the abrogation of Article 370. He has also served on several financial sector bodies, including the Reserve Bank of India's central board.
New CFO
HDFC Bank on Monday named Puneet Sharma chief financial officer, effective December 1, 2026.
Sharma will join the lender as CFO-designate from September 1 after more than six years as CFO Axis Bank, from where he resigned on Sunday.
He oversees finance, legal and investor relations functions at Axis Bank, where he would remain through August 31. Sharma was previously with Tata Capital.
