Rajnish Kumar has succeeded Arundhati Bhattacharya to become the new Chairman of State Bank of India. The appointment was announced today by the Government.
Arundhati Bhattacharya, the current Chairperson of SBI is due to retire on October 6 post an extension from the Government. She was appointed Chairperson by the Government in October 2013 for a three-year term. Last year, the government had extended that to one more year. She was the first woman to lead the bank, climbing up its ranks after joining in 1977.
Rajnish Kumar’s appointment has been approved by the Appointments Committee of the Cabinet and he will become the Chairman for a period of 3 years from October 7, according to an order issued by the Department of Personal Training. The appointment does not come as a surprise, as Kumar was one of the frontrunners for the top job at SBI.
Kumar, currently one of the four Managing Directors with the bank, joined SBI as a probationary officer in 1980 and has worked in various departments. Before becoming MD, national banking group, in 2015, Kumar was heading the merchant banking arm of the bank, SBI Capital Markets, as managing director and CEO. Kumar presently heads the retail business at SBI.