Rajnish Kumar appointed the new Chairman State Bank of India (SBI)

Highlights: 

  • Rajnish Kumar was appointed the new Chairman of India’s largest commercial bank State Bank of India (SBI). 
  • The 59-year old Rajnish Kumar succeeds Arundhati Bhattacharya whose tenure ended on 6 October 2017. 
  • He is the the senior most of the managing directors at SBI. He is the 25th Chairman of the bank. 
  • He joined the bank as a probationary officer in 1980 and served in positions including head of SBI Capital Markets Ltd, the bank’s investment banking unit.
  • His appointment comes at a time when SBI’s profitability is under strain because of ballooning bad loans and sluggish credit growth. 
  • At the end of June, the bank was weighed down by gross non-performing loans of Rs. 1.88 trillion.
  • Arundhati Bhattacharya, who was the first woman chairperson of the 200-year-old state-owned bank, was instrumental in the merger of SBI’s associate banks and Bharatiya Mahila Bank with SBI.
  • In her tenure, the bank saw the listing of its life insurance subsidiary, the first among public sector banks.