Rajnish Kumar to replace Arundhati Bhattacharya as SBI chief next week

MUMBAI: State Bank of India managing director Rajnish Kumar will succeed Arundhati Bhattacharya as chairman of the country’s largest bank. “I look forward to serving the bank to the best of my abilities along with the support of all my colleagues spread across the globe,” Kumar said in a statement on Wednesday.

The Appointments Committee of the Cabinet approved the appointment of Kumar for three years from October 7, according to an order issued by the Department of Personnel and Training (DoPT).

Kumar joined SBI as a probationary officer in 1980 and has worked in various departments. Before becoming MD, national banking group, in 2015, he headed the merchant banking arm, SBI Capital Markets, as managing director and CEO.

Kumar has worked in credit, project finance, foreign exchange and retail banking. He also worked for SBI overseas in Canada and the UK. The new head will have to lead SBI through resolution of bad loans, while ensuring it supports growth by stepping up lending.