Who is Rajnish Kumar, next chairman of State Bank of India?

Rajnish Kumar Appointed New Chairman Of State Bank Of India

The name of Kumar, who is now serving as Managing Director of the country's largest public sector bank, was approved by the Appointments Committee of the Cabinet. He will take over the reins from former head Arundhati Bhattacharya whose term ends on Friday.

"Quick in decision making and a reasonable risk-taker" is how a senior State Bank of India (SBI) official described Rajnish Kumar, who will occupy the corner office at India's largest bank later this week.

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).

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Before taking over as the Managing Director of the national banking group in 2015, Kumar was the Managing Director and CEO of SBI Capital Markets. The Banks Board Bureau had interviewed all four SBI managing directors for the top position. Kumar will take over the charge after Arundhati Bhattacharya tenure gets over on 6th October. She assumed the role of the Chairman at a time when the economy was slowing down, asset quality was deteriorating, resolution of bad assets was moving nowhere and there was no hope of credit offtake because of an over-leveraged corporate sector. Bhattacharya's greatest challenge probably remained tackling the NPA problem, which has plagued most state-owned banks and some private banks.

In October 2016, Bhattacharya had got a one year extension for maintaining continuity as the Bank was preparing to absorb five associate banks and the Bharatiya Mahila Bank in April. She is positioning the bank as "the banker to digital India". The merger will create a banking behemoth with more than ₹37 lakh crore in assets.

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