The board of HDFC Bank has approved the appointment of former Chief Election Commissioner of India Rajiv Kumar as part-time Chairman for a period of three years, effective from the date as approved by the Reserve Bank of India (RBI).Kumar, 66, a 1984-batch ex-IAS officer and former Finance Secretary of India in February 2020, has also been appointed as Additional Director (Independent) of the bank for a period of four years effective June 30, 2026, the bank said in an exchange filing.His appointment has come more than three months after former part-time chairman Atanu Chakraborty resigned with immediate effect on March 18, saying that “certain happenings and practices within the bank are not in congruence with my personal values and ethics”. Giving a “clean chit” to the bank, the law firms — Wilson Sonsini Goodrich & Rosati, PC and Wadia Ghandy & Co — said the contemporaneous evidence reviewed was inconsistent with Chakraborty’s statement, and law firms’ review did not identify any basis for the statement.The bank has been on the search for a new chairman after Chakraborty resigned citing certain “happenings and practices”.Meanwhile, Sashidhar Jagdishan’s current tenure as Managing Director (RBI) and CEO of HDFC Bank is scheduled to end on October 26, 2026. He served in the role from October 27, 2020. His current three-year term (October 27, 2023, to October 26, 2026) was approved by the RBI in 2023. The board is expected to recommend Jagdishan for a third term as MD and CEO, subject to RBI approval. The reappointment process, which has been on hold pending the external legal review, is likely to happen as the law firms had submitted the report, exonerating the bank.Decisive policy, execution; headed key bodiesKumar also briefly served as chairman of Public Enterprises Selection Board (PESB). As secretary, Department of Financial Services (DFS) from 2017 to 2020, he assumed charge when public sector banks were facing high levels of unrecognised non-performing assets (NPAs), capital inadequacy, lenders frozen out of fresh credit, rampant gold plating, diversion and recirculation of equity and debt to leverage fresh credit. The sector also faced governance challenges including large consortiums, NBFCs struggling to fill microcredit gaps post-demonetisation, and Ponzi schemes defrauding citizens.Within a fortnight of him joining the DFS, accounts of about 3.38 lakh shell firms were frozen. It was followed by curbs on Ponzi schemes through the passage of the Banning of Unregulated Deposit Schemes Act, 2019. Through decisive policy direction and execution, he led the clean-up of public sector bank balance sheets by mandating transparent recognition and provisioning of NPAs, and strengthening borrower accountability under the Insolvency and Bankruptcy Code framework.Story continues below this adHe headed most key bodies shaping the country’s financial architecture, ranging from the Central Board of Reserve Bank, the Financial Stability and Development Council, the Financial Sector Regulatory Appointments Search Committee, Secretary of the Appointment Committee of the Cabinet, the Public Enterprises Selection Board, the Bank Board Bureau, to the boards of SBI and NABARD. He was also part of an expert committee on the central bank’s economic capital framework, and a committee on NITI Aayog’s restructuring.Clean banking initiatives, PSD recapitalisationKumar implemented initiatives to clean up the banking sector — with decisive action against illicit financial practices, strengthening regulatory oversight of cooperative banks, and enforcing accountability in high-profile default cases. For loans of Rs 50 crore and above, passport details were made mandatory to prevent large borrowers from fleeing before action could be taken. Fraud checks, specialised monitoring above Rs 250 crore, and IT-based risk scoring on 34-plus factors replaced soft signals with loose controls, inbuilt in lending by large consortiums of often more up to 25 banks.A total reset of the creditor-debtor relationship with a loud and clear message that money has to be lent prudentially and debtors must pay back.A key pillar of this transformation was the recapitalisation of public sector banks (PSBs), involving capital infusion exceeding Rs 3 lakh crore, which helped restore solvency and lending capacity. This was complemented by a far-reaching consolidation exercise, under which 27 public sector banks were merged into 12 stronger entities, alongside rationalisation of Regional Rural Banks into a more efficient one state — one RRB structure. He spearheaded the consolidation of these PSBs.George Mathew is an Associate Editor with The Indian Express, based in Mumbai. A veteran of financial journalism with nearly three decades of experience, he is one of the country’s most authoritative voices on banking, regulation, and the corporate sector. Expertise & Focus Areas Mathew’s reporting covers the nerve center of India’s economy. His specialized beats include: The Reserve Bank of India (RBI): He has tracked the central bank's policy evolution through the tenures of multiple Governors, offering deep insights into monetary policy, repo rates, and banking regulation. Banking & Insurance: Extensive coverage of public and private sector banks, non-performing assets (NPAs), and key legislative reforms like the Insurance Amendment Bills. Corporate Affairs: Mathew frequently breaks major stories related to India's largest conglomerates, with a specific focus on the Tata Group, documenting boardroom shifts and strategic decisions. Financial Markets: Reporting on the complexities of Foreign Portfolio Investors (FPIs), IPOs, and currency fluctuations. Authoritativeness & Insight With a career dating back to the late 1990s, Mathew possesses a rare institutional memory of India’s financial liberalization and market crises. His work is not limited to daily news; he frequently contributes to the "Explained" section, where he decodes complex financial legislations and market trends for a broader audience. His rigorous reporting has also been featured in scholarly platforms like the Economic and Political Weekly (EPW). Find all stories by George Mathew here ... Read More