Rajnish Kumar appointed SBI Chairman

Rajnish Kumar

Rajnish Kumar

"It is indeed an honour to be entrusted with the leadership of SBI at a time when India is best poised for growth", Kumar said on his new responsibility. He will take over Arundhati Bhattacharya, whose term will come to an end this week. Three other managing directors of SBI - Dinesh Kumar Khar, B Sriram and PK Gupta - were also interviewed for the top job.

Bhattacharya, who joined in 2013, was awarded a one-year extension to the typical three-year term. This was probably because, Mr. Kumar who joined the bank in 1980, worked in several areas including retail banking, large and mid corporate, global banking, project finance and merchant banking (as he was the chief executive officer of SBI Caps - the merchant banking arm of SBI) and also was posted in remote areas like in North-East States where he was a chief general manager.

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Rajnish Kumar, current managing editor of the State Bank of India, has been appointed as the new SBI chief for three years. She assumed the role of the Chairman at a time when the economy was slowing down, asset quality was deteriorating, resolution of bad assets was moving nowhere and there was no hope of credit offtake because of an over-leveraged corporate sector. The second and third largest banks in the country have assets of Rs 7-8 lakh crore. Her tenure was extended in October, 2016.

No official statement has been made by the state-run bank. She also took charge of leading the bank to digital initiatives.

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Before taking over as the Managing Director of the national banking group in 2015, Kumar was the Managing Director and CEO of SBI Capital Markets.

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