HDFC Bank board approves former finance secretary Rajiv Kumar as chairman; RBI nod awaited

HDFC Bank's board has approved the appointment of former Finance Secretary Rajiv Kumar as its part-time Chairman for a three-year term, subject to approvals from the Reserve Bank of India (RBI) and shareholders, the bank said in a regulatory filing on Monday.According to Reuters, the private sector lender also appointed Kumar as an Independent Director for a four-year term, with both appointments awaiting regulatory and shareholder clearance.Kumar, a 1984-batch Indian Administrative Service (IAS) officer, has held several key positions in the Union government, including Finance Secretary. He also served as the Chief Election Commissioner of India after assuming office as Election Commissioner in September 2020.During his over 36-year administrative career, he worked across the social sector, environment and forests, human resources, finance and banking, primarily in the Bihar and Jharkhand cadres. He holds degrees in B. Sc, LL. B, PGDM and an MA in Public Policy.The appointment follows the resignation of former Non-Executive Chairman Atanu Chakraborty in March after he cited ethical differences with India's largest private sector lender.HDFC Bank had earlier said an external legal review found no evidence to support the concerns raised by Chakraborty, who has since questioned the process followed in the inquiry.