The shares of HDFC Bank will remain in focus on Tuesday after India's largest private lender appointed Rajiv Kumar, a former IAS officer and ex-Chief Election Commissioner of India, as its Part-time (Non-Executive) Chairman, concluding a months-long search after the abrupt exit of Atanu Chakraborty in March.
In an exchange filing released on Monday, HDFC Bank said that its board during its meeting approved Kumar’s appointment as an Additional (Independent) Director for a period of four years with effect from June 30, 2026. His appointment as Part-time Chairman for a period of three years is subject to RBI’s approval. The appointment as Independent Director will additionally require shareholder approval.
The shares of HDFC Bank saw a sharp downturn in March after its former part-time Chairman Atanu Chakraborty resigned, stating that some practices within the bank did not match his personal values and ethics. “Certain happenings and practices within the bank that I have observed over the last two years are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision. I confirm that there are no other material reasons for my resignation other than those stated above,” Chakraborty wrote in his resignation letter.
The stock lost 12% in three days after his resignation on March 18, leading to a massive share sell-off that wiped off around Rs 1.6 lakh crore from the bank’s market value in just three sessions. Keki Mistry, meanwhile, was appointed as an interim part-time chairman for three months, as approved by the RBI.
Who is Rajiv Kumar?
The 66-year-old Rajiv Kumar is a 1984-batch IAS officer who retired as Finance Secretary of India in February 2020. He is widely known for steering the clean-up of public sector bank balance sheets between 2017 and 2020, when he served as Secretary of the Department of Financial Services.
His tenure saw the rollout of the "4R strategy" of Recognition, Resolution, Recapitalisation and Reforms, which contributed to a turnaround in the public sector banking system. The period also saw a capital infusion exceeding Rs 3 lakh crore into public sector banks, and the consolidation of 27 public sector banks into 12 entities.
Also Read | Former finance services secy Rajiv Kumar named HDFC Bank part-time chairman
He also served as the 25th Chief Election Commissioner of India, overseeing the 2024 General Elections to the Lok Sabha. He has served on the Central Board of the Reserve Bank of India, the Financial Stability and Development Council, the Bank Board Bureau, and the boards of State Bank of India and NABARD, among other bodies.
HDFC Bank appoints new CFO
HDFC Bank on Monday also announced that its board has approved the appointment of Puneet Sharma as the Chief Financial Officer - Designate (CFO-Designate) with effect from September 1 and as Chief Financial Officer with effect from December 1.
Also Read | HDFC Bank taps Axis' outgoing CFO Puneet Sharma as new finance chief
HDFC Bank shares have gained 3% in one week and 7% in one month, but have fallen around 20% in 2026 so far. In the longer term, the shares of the company have fallen over 6% in three years but gained more than 6% in five years.
The company currently has a market capitalisation of nearly Rs 12.28 lakh crore.
Also Read | HDFC Bank shares drop 20% in 2026. Buying opportunity or falling knife?
