HDFC Financial institution on Wednesday mentioned that the Reserve Financial institution of India (RBI) has permitted the appointment of Rajiv Kumar because the chairman of the lender for 3 years.
“In furtherance to our intimation dated June 29, 2026, we want to inform you that pursuant to an utility made by the financial institution to the Reserve Financial institution of India, the RBI vide its communication dated 15 July 2026, has permitted the appointment of Rajiv Kumar because the Half Time Chairman of the financial institution..,” it mentioned in a regulatory submitting.
On 29 June, the board of HDFC Financial institution had permitted the appointment of Rajiv Kumar as part-time chairman and extra (impartial) director, three days after an exterior authorized assessment cleared the financial institution within the controversy surrounding the exit of former chairman Atanu Chakraborty.
Kumar, who’s a former chief election commissioner (CEC) and monetary companies secretary, will succeed interim chairman Keki Mistry.
Mint had reported that Kumar would be the second IAS officer to carry the place after his junior and former chairman Chakraborty—a retired 1985 batch IAS officer of the Gujarat cadre—stepped down in March 2026, after citing issues over “sure happenings and practices throughout the financial institution”. Kumar is a 1984-batch IAS officer from the Jharkhand cadre.
His appointment comes forward of the board’s choice on managing director and chief govt officer Sashidhar Jagdishan’s reappointment, which is due for assessment when his present time period ends on 26 October 2026. Mint had earlier reported that the board was awaiting the findings of an exterior authorized assessment earlier than taking a name on his reappointment.
Kumar served as secretary of the division of economic companies (DFS) from 2017 to 2020. In that position, he cracked down on shell firms and black cash within the monetary companies system and facilitated curbs on Ponzi schemes via The Banning of Unregulated Deposits Schemes Act, 2019.
He additionally spearheaded a complete clean-up of public sector financial institution steadiness sheets with a concentrate on profitability and improved asset high quality. This concerned the ₹3 trillion recapitalization of public sector banks, consolidation of 27 PSU banks into 12 stronger entities, enhance within the deposit insurance coverage cowl from ₹1 lakh to ₹5 lakh, and rationalization of regional rural banks (RRBs) right into a one state–one RRB construction.
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