The HDFC Bank board on June 29, 2026 approved Kumar’s appointment as an Independent Director for a four-year term with effect from June 30. It also cleared his appointment as part-time Chairman for three years. The former CEC will replace Atanu Chakraborty (Retd IAS: 1985: GJ), who resigned in March, 2026 citing ethical concerns.

Before heading the Election Commission as the country’s 25th Chief Election Commissioner, Kumar served as Secretary in the Department of Financial Services between 2017 and 2020, where he led a series of banking sector reforms aimed at cleaning up stressed bank balance sheets and strengthening the financial system.

Kumar spearheaded the recognition and resolution of non-performing assets (NPAs), recapitalisation of public sector banks and governance reforms under the Centre’s “4R" strategy — Recognition, Resolution, Recapitalisation and Reforms. The bank said these measures helped restore the health of public sector banks and improve their profitability.