New Delhi [India], July 15 (ANI): The Reserve Bank of India (RBI) has approved the appointment of former Chief Election Commissioner Rajiv Kumar as the Part-time Chairman of HDFC Bank for a period of three years, the private sector lender said in an exchange filing on Wednesday.

The bank said the RBI, through its communication dated July 15, 2026, approved Rajiv Kumar's appointment under Section 10B(1A)(i) of the Banking Regulation Act, 1949, with effect from July 15, 2026.

The approval follows the bank's application to the central bank after its Board of Directors, at a meeting held on June 29, 2026, approved Rajiv Kumar's appointment as Part-time Chairman, subject to RBI approval.

The filing said 'In furtherance to our intimation dated June 29, 2026, we wish to inform you that pursuant to an application made by the Bank to the Reserve Bank of India ('RBI'), the RBI vide its communication dated July 15, 2026, has approved the appointment of Mr. Rajiv Kumar (DIN: 08049696) as the Part Time Chairman of the Bank'

Earlier, the board had also approved his appointment as an Additional Director (Independent Director) of the bank for a period of four years with effect from June 30, 2026.

In its latest filing, HDFC Bank also expressed gratitude to Keki Mistry for serving as the Interim Part-time Chairman during the transition period.

'The Bank places on record its sincere gratitude to Mr. Keki Mistry for his valuable guidance and contributions during his tenure as the Interim Part-time Chairman of the Bank. Mr. Mistry continues to be a Non-Executive Non-Independent Director of the Bank,' the filing said.

The appointment fills the bank's top board position after the resignation of former Part-time Chairman Atanu Chakraborty earlier this year.

According to the bank's earlier exchange filing, Chakraborty stepped down on March 18, 2026, citing that 'certain happenings and practices' within the bank were 'not in congruence' with his personal values and ethics.

Following his resignation, veteran banker Keki Mistry assumed the role of Interim Part-time Chairman until a permanent appointment was made.

While announcing Rajiv Kumar's appointment in June, HDFC Bank had said the move was aimed at providing stability to the bank as it prepares for its next phase of growth while ensuring continuity at the board level.

With the RBI's approval now in place, Rajiv Kumar formally assumes charge as the Part-time Chairman of HDFC Bank for a three-year term beginning July 15, 2026. (ANI)