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Informist, Monday, Jun. 29, 2026

--HDFC Bank OKs appointing Rajiv Kumar as part-time chairman for 3 years 

NEW DELHI – HDFC Bank has appointed Rajiv Kumar, former chief election commissioner of India and former Union finance secretary, as part-time chairman of the bank for three years, the lender said in an exchange filing Monday. Kumar will replace Keki Mistry, who was appointed as the interim part-time chairman of HDFC Bank after Atanu Chakraborty resigned in March citing differences with the management over "values and ethics".

The Reserve Bank of India earlier this month had approved extension of Mistry's tenure as interim part-time chairman until Sept. 18 or until the appointment of a regular part-time chairman. Last week, HDFC Bank had said a legal review conducted by external law firms had found no evidence to support the claims made by former part-time chairman Chakraborty in his resignation letter.

Kumar's onboarding as part-time chairman is effective from the date of approval by the RBI. The bank's board also approved Kumar's appointment as an independent director for four years, effective Tuesday, as per the filing.

Kumar, a former Indian Administrative Service officer of the 1984 batch, retired as finance secretary in February 2020. He has also served as chairman of the Public Enterprises Selection Board and was the 25th chief election commissioner of India.

Earlier Monday, CNBC-TV18 had reported, citing people familiar with the matter, that outgoing Axis Bank Chief Financial Officer Puneet Sharma will join HDFC Bank as its next chief financial officer. Sharma is likely to succeed incumbent HDFC Bank Chief Financial Officer Srinivasan Vaidyanathan after his term ends in October, according to the report. 

For the March quarter, HDFC Bank had reported a net profit of INR 192.21 billion and a total income of INR 898.09 billion. Monday, its shares ended at INR 798.90 on the National Stock Exchange, up slightly from Thursday. The stock market was shut Friday for Muharram.  End

Reported by Shweta

Edited by Rajeev Pai

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