Rajnish Kumar has been appointed as the new chairman of State Bank of India (SBI). He will take over the reins from former head Arundhati Bhattacharya whose term ends on Friday. Kumar has been appointed for a period of 3 years. He currently, holds the post of managing director of SBI, he started out as a probationary officer with the organisation and has performed different roles before being appointed to the top spot.
The Appointments Committee of the cabinet has approved the appointment of Kumar for a period of three years confirmed a statement from the Department of Personnel and Training (DOPT). After the appointment, the SBI chairman said that improving asset quality will be among his top priorities, praising his counter-part Arundhati Bhattacharya, Kumar mentioned that the present time is challenging for the financial sector and it will be his responsibility to carry forward the work done by her, “It will be difficult to step into her shoes,” he said.
Rajnish Kumar was SBI Capital Markets Limited chief before becoming the Managing Director of the State bank of India.The Banks Board had interviewed all four managing directors for the post, Rajnish Kumar was the final recommendation made to the government. Kumar will take over the charge after Arundhati Bhattacharya tenure gets over on 6th October.
Rajnish Kumar’s appointment was anticipated already as he was tipped as the frontrunner for the top post. Apart from Kumar, PK Gupta, B Sriram and Dinesh Kumar Khara were the other 3 managing directors interviewed for the post.
Arundhati Bhattacharya, the first ever woman chairman of the SBI was appointed to the post in 2013. Her tenure was extended in October, 2016. All the five associate entities — State Bank of Bikaner and Jaipur (SBBJ),State Bank of Hyderabad (SBH),State Bank of Mysore (SBM, State Bank of Patiala (SBP) and State Bank of Travancore (SBT) along with Bharatiya Mahila Bank (BMB) merged with SBI on April 1.