HDFC Bank has appointed former Chief Election Commissioner and Finance Secretary Rajiv Kumar as part-time non-executive chairman. The appointment follows former chairman Atanu Chakraborty’s resignation a few months ago. He cited that his resignation stemmed from a conflict between certain business practices at the bank and his personal values.
As part-time non-executive chairman, Kumar will lead the board, strengthen governance, and provide strategic oversight while remaining outside the bank’s day-to-day operations. His appointment brings an administrator back to the banking sector who previously played a key role in reshaping India’s public sector banking landscape.
1984: Begins Bureaucratic Career
Rajiv Kumar joined the Indian Administrative Service as a 1984-batch officer of the then Bihar cadre, now Jharkhand cadre. Over the next four decades, he built a career spanning finance, banking, public policy and governance.
2017–2020: Leads Banking Sector Reforms
As Secretary in the Department of Financial Services and later Finance Secretary, Kumar was at the forefront of one of the biggest clean-up exercises in India’s banking sector. At a time when public sector banks were weighed down by mounting bad loans, weak balance sheets and repeated capital requirements, he helped steer the government’s reform agenda based on the “4R” strategy—recognition, resolution, recapitalisation and reforms.
His tenure coincided with the recapitalisation of public sector banks with more than Rs 3 trillion, the consolidation of 27 state-owned banks into 12 larger entities and the increase in deposit insurance cover from Rs 1 lakh to Rs 5 lakh. He also served on the Central Board of the Reserve Bank of India and the boards of State Bank of India and NABARD.
February 2020: Retires As Finance Secretary
Kumar retired as Finance Secretary after overseeing key reforms aimed at strengthening India’s banking system and improving the health of public sector lenders.
September 2020: Joins Election Commission
Soon after retirement, Kumar was appointed Election Commissioner, beginning a new chapter in public service focused on administering elections.
May 2022: Takes Charge As Chief Election Commissioner
Kumar became India’s 25th Chief Election Commissioner, leading the Election Commission during one of the country’s busiest electoral cycles.
2022–2025: Oversees Landmark Elections
During his tenure, the Election Commission conducted the 2022 Presidential and Vice-Presidential elections, several Assembly elections, the 2024 Lok Sabha election and the Jammu & Kashmir Assembly election. The 2024 Lok Sabha polls involved around 969 million registered voters, with nearly 642 million people casting their ballots, making it the world’s largest democratic exercise.
2024–2025: Faces Criticism Over Election Management
His tenure also witnessed intense political scrutiny. Opposition parties accused the Election Commission of favouring the ruling BJP and questioned its neutrality. The Commission faced criticism over delays in releasing final voter turnout figures, prompting petitions before the Supreme Court and calls for greater transparency.
Kumar consistently rejected the allegations, maintaining that the electoral process remained transparent and robust. He argued that the delay in publishing final turnout figures was procedural, as polling teams had to return electronic voting machines and statutory records before the data could be reconciled. He also defended electronic voting machines, saying there was no evidence of tampering.
February 2025: Farewell Message
In his farewell address, Kumar said the Election Commission was increasingly being made a “convenient scapegoat” by those unwilling to accept electoral outcomes. He argued that political parties participated in every stage of the election process and had adequate opportunities to raise objections during polling, making post-result allegations unfair and damaging to public confidence in democratic institutions.