HDFC Bank Appoints Rajiv Kumar As Part-Time Chairman, Names Puneet Sharma CFO-Designate
HDFC Bank has appointed former Finance Secretary and former Chief Election Commissioner (CEC) Rajiv Kumar as its Part-Time Chairman for a three-year term, subject to approval from the Reserve Bank of India (RBI). The bank’s Board also appointed him as an Additional Independent Director for a four-year term from June 30, 2026, subject to shareholders’ approval. Kumar succeeds Atanu Chakraborty, who resigned as Chairman in March.
Separately, the bank has appointed Puneet Sharma as its Chief Financial Officer (CFO)-designate. Sharma, who recently resigned as Group Head and CFO of Axis Bank, will join HDFC Bank effective September 1, 2026, and assume the role of CFO from December 1, 2026.
Rajiv Kumar is a 1984-batch Indian Administrative Service (IAS) officer who retired as Finance Secretary of India in February 2020. He later served as Chairman of the Public Enterprises Selection Board and as the 25th Chief Election Commissioner of India. As Secretary, Department of Financial Services (2017–2020), he led banking sector reforms focused on recognition and resolution of non-performing assets, bank recapitalisation, governance, and financial stability under the “4R” strategy—Recognition, Resolution, Recapitalisation, and Reforms. His tenure also saw the consolidation of 27 public sector banks into 12 entities, enhancement of deposit insurance to Rs 5 lakh, and measures to strengthen financial oversight. During the 2024 General Elections, he oversaw polling involving around 642 million voters, including approximately 312 million women electors.
Puneet Sharma is a finance executive with more than 20 years of experience in banking and financial services. Since March 2020, he has served as Group Head and CFO of Axis Bank, overseeing finance, legal, secretarial, investor relations, and procurement functions. Before joining Axis Bank, Sharma spent 12 years at Tata Capital, where he served as Group CFO from 2014, leading financial control, planning, procurement, and taxation. Earlier, he held roles at Citibank covering treasury operations, structured cash solutions, risk monitoring, and fixed-income reporting. He began his career at Bharat S. Raut & Co. and later worked at Boston Consulting Group. Sharma is a Chartered Accountant, holds a Bachelor of Commerce degree from the University of Mumbai, and is an alumnus of the Indian School of Business, Hyderabad.
