HDFC Bank appoints Rajiv Kumar as part-time chairman for three years

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HDFC Bank said on Monday it has appointed former public policy expert Rajiv Kumar as part-time chairman for a three-year term, subject to approval from the Reserve Bank of India (RBI).

The appointment comes days after a legal review found no evidence to support concerns raised by former Chairman Atanu Chakraborty, who resigned in March, citing ethical differences with India's largest private-sector lender.

The bank said Kumar's appointment as an independent director will take effect on June 30, subject to shareholder approval. His three-year term as part-time chairman will begin on a date approved by the RBI.