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