HDFC Bank on Wednesday said RBI has approved appointment of former Chief Election Commissioner Rajiv Kumar as part-time chairman of the bank for a period of three years.
His appointment comes into effect from July 15, 2026, HDFC Bank said in a regulatory filing.
Interim chairman Keki Mistry continues to be a non-executive non-independent director of the bank, it added.
Kumar is 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.
Within a fortnight of Kumar joining Department of Financial Services, accounts of about 3.38 lakh shell companies were frozen, hitting at the architecture of black money itself. Curbs on ponzy schemes followed.
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.
