Rajnish Kumar has been appointed as the next chairman of State Bank of India, PTI reported on Wednesday.
Kumar, who had earlier served as the managing director and chief executive officer of SBI Capital Markets, will begin his tenure on October 7, according to a statement from the Department of Personnel and Training. Rajnish will be replacing the current chairman Arundhati Bhattacharya, whose term will be ending this week. Her original three-year term was up last year, but she was given an extension for a year to resolve the nonperforming loan issue and oversee the merger of the associate banks. Rajnish was finally selected to take the role of the chairman of SBI. The merger will create a banking behemoth with more than ₹37 lakh crore in assets. So were her efforts to promote digital-only branches - a one-of-its-kind initiative in the Indian banking industry - and artificial intelligence and robotics for credit analysis, risk management and better customer service. The interview was conducted by the Banks Board Bureau. Bhattacharya's greatest challenge probably remained tackling the NPA problem, which has plagued most state-owned banks and some private banks. The gross NPAs of the merged entity stood at 9.97 percent of gross advances during the April to June 2017 quarter, indicating the battle against bad loans is far from over.
Before becoming MD, national banking group, in 2015, Kumar was heading the merchant banking arm of the bank, SBI Capital Markets, as managing director and CEO.