Friday, 20 October, 2017

Rajnish Kumar to be new chairman of SBI

Rajnish Kumar Appointed New Chairman Of State Bank Of India Rajnish Kumar currently holds the position of managing director for national banking group at SBI
Marta Holmes | 05 October, 2017, 00:31

Rajnish Kumar has been appointed as the next Chairman and Managing Director of State Bank of India. He will take over the reins from former head Arundhati Bhattacharya whose term ends on Friday.

Rajnish Kumar has replaced Arundhati Bhattacharya as chairperson of the State Bank of India on Wednesday.

Kumar will get a three-year term as chairman and managing director (CMD). Her tenure was to get over last year, however, she was given an extension of a year to oversee the ongoing process of the merger of five associate banks with SBI. Apart from Kumar, PK Gupta, B Sriram and Dinesh Kumar Khara were the other 3 managing directors interviewed for the post. The senior bank official previously also headed the SBI Capital Markets Limited (the Merchant Banking arm of State Bank of India) as Managing Director and Chief Executive Officer, prior to becoming Managing Director in SBI, his profile says. One of the high-points of his career, he said, in a video released by SBI as part of its recruitment drive, was being able to attend a tea party hosted by the Queen of England, when he was heading SBI's operations in UK. She is positioning the bank as "the banker to digital India". His experience in project finance and large corporate would be helpful to revive loan growth.

A two-year sabbatical leave policy was introduced by Bhattacharya for the bank's female employees to use either for maternity or elder care. She was the first woman to take charge of the country's largest lender by assets and has been credited with modernizing the government-run bank.

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