The deputy MD of the SBI and the former MD and CEO of SBI Life Insurance, Arijit Basu has been named the Managing Director of State Bank of India. In his new role, Arijit will be responsible for Commercial Credit and IT with an additional charge of Stressed Assets Resolution Group. He takes on the role with effect from Monday, 2nd July 2018 and he will serve as the MD of SBI till the date of his superannuation — October 31, 2020, or until further orders, whichever is earlier.

Arjit has previously worked as the Chief Executive Officer and Managing Director of SBI Life Insurance Company Limited since August 1, 2014, to March 10, 2018. 

He has an experience of more than 30 years in the banking sector. A graduate in Economics and a Master of Arts in History, Arijit has handled various key assignments in his long tenure with SBI including CGM, Delhi Circle, and Regional Head and CEO in Tokyo, corporate banking, international banking, retail banking, HR and Business Process Reengineering initiatives. He is also a Certified Associate of the Indian Institute of Bankers. 

Before Arijit's appointment, Rajnish Kumar was serving as the MD of SBI. The position became vacant when Rajnish was elevated and named the Chairman of the bank in October 2017. With Arijit’s appointment, the SBI now has four MDs including B. Sriram, P.K. Gupta and Dinesh Khara.

Recently, there have been a lot of updates in terms of SBI's executive leadership team. A few days back, SBI's Managing Director B Sriram was given the additional responsibility of IDBI Bank for a period of three months. Today, Banks Bureau also shared15 names for new leadership roles.