Rajiv Kumar Takes Helm as HDFC Bank Chairman for Three Years

New Delhi, June 30 – HDFC Bank announced that former finance secretary Rajiv Kumar will serve as part‑time chairman for a three‑year period, succeeding Atanu Chakravarti, who stepped down earlier this year over disagreements with internal practices. The appointment was disclosed on Monday and triggered a cautious market response on Tuesday. In early BSE trading, the bank’s shares dropped 0.62% to an intra‑day low of ₹794 and later settled around ₹796.65, reflecting a 0.29% decline. Interim chairman Keki Mistry, who had been named after Chakravarti’s departure, will hand over duties to Kumar once the term commences. The board’s Governance, Nomination and Remuneration Committee did not discuss the pending re‑appointment of the chief executive officer during its latest meeting. Sources say the CEO renewal will be pursued after the new chairman fully assumes his responsibilities. Over the last 52 weeks, HDFC Bank’s stock price has ranged from a high of ₹1,020.35 to a low of ₹726.75, with a cumulative decline exceeding 20% in the past twelve months and a similar drop in the preceding six months. Chakravarti has also criticised the legal review that followed his resignation, labeling it overly formal and lacking attention to the broader operational concerns he raised.