HDFC Bank receives RBI approval for appointment of Rajiv Kumar as part-time chairman; details here

His appointment will come into effect on July 15, 2026, HDFC Bank said in a regulatory filing dated July 15.

Interim chairman Keki Mistry continues to be a non-executive non-independent director of the bank, it added.

The Bank’s board of directors, based on the recommendation of the Governance, Nomination and Remuneration Committee, had approved the appointment of Rajiv Kumar as the part-time Chairman on June 29. The Bank, at the time, was awaiting approval from the apex bank.

Kumar is a former Chief Election Commissioner of India and Finance Secretary. Kumar had been instrumental in revitalising public sector banking and the financial sector as Secretary, Department of Financial Services between 2017 and 2020.

Through decisive policy direction and execution, Kumar led a comprehensive clean-up of bank balance sheets by mandating transparent recognition and provisioning of NPAs and by enforcing accountability among borrowers under the Insolvency and Bankruptcy Code framework, it said.

"His approach addressed the long-standing twin balance sheet problem by restoring credit discipline and rebooting the creditor-debtor relationship. These efforts, structured around the '4R strategy' of Recognition, Resolution, Recapitalisation, and Reforms, enabled a sharp turnaround in the banking sector, with public sector banks returning to sustained profitability and improved asset quality," it said.

His tenure saw decisive action against illicit financial practices, strengthening regulatory oversight of cooperative banks, and enforcing accountability in high-profile default cases. For loans of ₹50 crore and above, passport details became mandatory, closing the door on big borrowers who might flee before action caught up, it said.

A key pillar of this transformation was the unprecedented recapitalisation of public sector banks, involving capital infusion exceeding ₹3 lakh crore, which helped restore solvency and lending capacity, it added.

New appointments

On June 29, the country’s largest private sector lender had announced the appointment of Puneet Sharma as the Chief Financial Officer - Designate (CFO-Designate) with effect from September 1, 2026, and as Chief Financial Officer with effect from December 1, 2026.

Furthermore, HDFC Bank had also approved the appointment of Jigar Shah as the General Counsel – Designate (GCDesignate), effective August 20, 2026, and as the General Counsel, effective October 1, 2026.

HDFC Bank stock performance

Shares of HDFC Bank closed 0.75% higher at ₹815.45 per unit on the National Stock Exchange (NSE) on Wednesday. However, the development was announced after the market closed.

The scrip has gained more than 8% over the month but lost 18% on a year-to-date (YTD) basis.

While the stock hit a 52-week high of ₹1,020.50 per equity share on October 23, 2025, it touched a year’s low of ₹726.65 apiece on April 2, 2026.

HDFC Bank has a total market capitalisation of ₹12.55 lakh crore as of July 15, 2026, according to data on the NSE.