The government on Wednesday named Rajnish Kumar as the new chairman of SBI or the State bank of India, the country's largest public sector lender.
The Appointments Committee of the Cabinet has approved the appointment of Kumar for a period of three years from October 7, according to an order issued by the Department of Personnel and Training (DoPT).
The appointment does not come as a surprise, as Kumar was one of the frontrunners for the top job at SBI.
Kumar, currently one of the four managing directors with the bank, joined SBI as a probationary officer in 1980 and has worked in various departments.
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. Kumar presently heads the retail business at SBI.
Arundhati Bhattacharya, the current chairperson of SBI is due to retire on October 6, after getting an extension from the government. Bhattacharya took the top job in October 2013.
Last year, the government awarded a one-year extension to the typical three-year term. She was the first woman to lead the bank, climbing up its ranks after joining in 1977. Kumar will take over the mantle on October 7.
The government has always picked the SBI head from internal candidates, and Kumar's appointment keeps to the tradition.
The Appointments Committee of the Cabinet has approved the appointment of Kumar for a period of three years from October 7, according to an order issued by the Department of Personnel and Training (DoPT).
The appointment does not come as a surprise, as Kumar was one of the frontrunners for the top job at SBI.
Kumar, currently one of the four managing directors with the bank, joined SBI as a probationary officer in 1980 and has worked in various departments.
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. Kumar presently heads the retail business at SBI.
Arundhati Bhattacharya, the current chairperson of SBI is due to retire on October 6, after getting an extension from the government. Bhattacharya took the top job in October 2013.
Last year, the government awarded a one-year extension to the typical three-year term. She was the first woman to lead the bank, climbing up its ranks after joining in 1977. Kumar will take over the mantle on October 7.
The government has always picked the SBI head from internal candidates, and Kumar's appointment keeps to the tradition.