Economy

Rajnish Kumar Appointed New Chairman Of State Bank Of India (SBI)

Rajnish Kumar Appointed New Chairman Of State Bank Of India (SBI)”

Arundhati Bhattacharya's four years atop the country's largest lender have seen bad debt rise and the shares underperform. Mr Kumar has been with the SBI for over three decades, having joined the bank as a Probationary Officer in 1980.

Mumbai: Rajnish Kumar, managing director at the State Bank of India, has been named as new chairman of State Bank of India.

Last year, the government had extended Ms Bhattacharya's tenure for a year.

No official statement has been made by the state-run bank. Outgoing chief Arundhati Bhattacharya's term ends on Friday.

The Banks Board Bureau had singled out four top contenders from among the managing directors. Kumar also headed the merchant banking arm of the bank, SBI Capital Markets. Management reforms in public sector banks were initiated the same year and the post of chairman and managing directorcum-CEO was split except for SBI. She got one-year extension in October 2016 as SBI was to merge its associate banks and Bharatiya Mahila Bank with itself.



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