Rajiv Kumar has been appointed as Extra Director (Unbiased Director) of the Financial institution for a interval of 4 years from June 30, 2026. Picture credit score: Reuters
HDFC Financial institution’s Board of Administrators, in a gathering held on Monday (June 29, 2026), permitted the appointment of former Finance Secretary Rajiv Kumar as Extra Director (Unbiased Director) of the financial institution with impact from June 30, 2026 for a interval of 4 years. This determination was primarily based on the advice of the Governance, Nominating and Compensation Committee.
His appointment as an unbiased director is topic to the approval of the Financial institution’s shareholders.
He’ll change interim non-executive chairman Keki Mistry, following the sudden resignation of former non-executive chairman Atanu Chakraborty, citing moral causes.
The Board of Administrators additionally permitted the appointment of Mr. Rajiv Kumar as Non-Government Chairman of the Financial institution, together with remuneration, for a interval of three years from the date of RBI approval, topic to the approval of the Reserve Financial institution of India (RBI).
“It’s confirmed that Mr. Rajiv Kumar will not be prohibited from holding any directorship by any order issued by SEBI or some other comparable authority,” the financial institution mentioned.
“In view of the above, the board of administrators, on the mentioned assembly, additionally permitted the revised discover of convocation of the Financial institution’s thirty second Annual Normal Assembly scheduled to be held on Wednesday, August 5, 2026, by together with the decision relating to the above-mentioned appointments,” the financial institution mentioned in its common submitting.
Mr. Kumar, 66, is a former IAS officer of 1984 batch. Kumar retired as India’s finance secretary in February 2020. After leaving workplace, he additionally served as chairman of the Public Enterprises Choice Board (PESB) for a brief interval.
He took cost as Secretary, Ministry of Monetary Companies (2017-2020) at a time when public sector banks had been grappling with excessive ranges of unauthorized NPAs, capital shortages, freezing of recent credit score, proliferation of gilts, diversion and recycling of capital and debt to leverage new credit score, governance challenges involving massive consortia, NBFCs struggling to bridge the post-demonetization micro-credit hole, pyramid schemes, and so on. deceiving the general public, and so on.
