Private lender HDFC Bank said its board has approved the appointment of Former Union Finance Secretary Rajiv Kumar as a Part-time Chairman for a period of 3 years, subject to approval from Reserve Bank of India.
He retired as Finance Secretary of India in February 2020. Post retirement, Kumar also briefly served as Chairman of Public Enterprises Selection Board. He was also former Chief Election Commissioner and oversaw the 2024 General Elections to Lok Sabha.
Kumar was known for his transformative role in revitalising India’s banking and financial sector during a period of significant systemic stress from 2017 -2020.
On 18 March 2026 Atanu Chakraborty stepped down as HDFC Bank Chairman citing a clash with “certain happenings and practices” at odds with his personal ethics.
Also read: HDFC Bank: Atanu: A Tune of Dissonance!
HDFC Bank had appointed external law firms (domestic and international), to conduct review regarding Atanu Chakraborty’s resignation letter. It also appointed veteran banker Keki Mistry as the interim chairman.
Also read: HDFC Bank: Chairman’s Exit Tests Resilience
External Law Firms found that Chakraborty’s Statement and its implications were not substantiated by the record and witness interviews, the bank recently said.
The contemporaneous evidence reviewed was inconsistent with Chakraborty’s Statement, and External Law Firms’ review did not identify any basis for the Statement, HDFC Bank said.
Meanwhile, HDFC Bank has appointed Puneet Sharma as the Chief Financial Officer – Designate (CFO-Designate) w.e.f. 1 September 2026 and as Chief Financial Officer w.e.f. 1 December 2026.
Axis Bank had announced that Sharma had resigned as its CFO on 28 June to pursue next phase of his professional journey. He will be relieved on 31 August, it added.
In his resignation letter, Sharma said he accepted the CFO role more than six years back and the core objectives set out have largely been achieved.
Bandhan Bank said its CFO Rajeev Mantri has resigned on 29 June and his last working day would be 25 September.
In his resignation letter, Mantri said he is going to pursue another opportunity from career growth perspective.
HDFC Bank’s current MD and CEO Sashidhar Jagdishan’s term ends in October. With a new chairman appointment it would be interesting to see if Jagishan will be reappointed for a third term.
Recently, Kotak Mahindra Bank said its Managing Director & CEO Ashok Vaswani has informed the bank’s board that he does not wish to seek re-appointment upon completion of his current term on 31 December 2026. The bank has initiated the process for the appointment of a new Managing Director & CEO.
Clearly there is a big leadership churn underway in the private banking sector.