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Rajnish Kumar appointed new SBI chairman

Rajnish Kumar will take over from Arundhati Bhattacharya, whose term will come to an end on Friday.

By: Express Web Desk | New Delhi | Updated: October 4, 2017 6:40 pm
SBI, SBI Life, SBI Life value, SBI Life Insurance Company, Arundhati Bhattacharya, indian express, business SBI Chairman Arundhati Bhattacharya (centre) with Rajnish Kumar (right), MD, National Banking Group on Monday. (file photo)

Rajnish Kumar has been appointed as the next chairman of State Bank of India, PTI reported on Wednesday. He will take over from Arundhati Bhattacharya, whose term will end on Friday.

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).

Kumar, aged 59 years, joined the SBI board on May 26, 2015. Kumar has also worked as Chief General Manager, Project Finance and Leasing Strategic Business Unit. Prior to this appointment, he was Managing Director – Compliance and Risk, and Managing Director and Chief Executive Officer of SBI Capital Markets Limited, the merchant banking arm of SBI, PTI reported.

He has held several key assignments across various business verticals, including two overseas assignments in Canada and the UK.

According to his profile on the SBI webiste, Kumar has a master’s degree in physics and listed travelling and playing badminton among  his interests.

Kumar will have to shoulder the daunting task of addressing the issue of huge NPAs of the bank. A large number of banks are facing the issue of the non-performing assets.

In 2013, Bhattacharya became the bank’s first woman chairman. She was given a year’s extension in October last year to ensure continuity as the SBI was then in the process of absorbing five associate banks.

State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and Bharatiya Mahila Bank merged with SBI on April 1, 2017.

Gross NPAs of the public sector banks rose to Rs 6.41 lakh crore at the end of March 2017 as against Rs 5.02 lakh crore a year ago, according to a Finance Ministry data. SBI and its erstwhile associates alone wrote off Rs 27,574 crore NPAs in 2016-17, according to an RBI data.

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  1. himangshu das
    Oct 4, 2017 at 9:39 pm
    considering the present scenario , whatever the charges imposed on the customers is not justifiable only for the reason that GST has been applied unethically when the Present Govt trying to convince people to go in for digital txns. Therefore , the bank's appropriate authority may please take up the matter with Govt of India and impress upon them to modify their at ude and remove GST from certain txns that promote digital India.
    1. P
      Oct 4, 2017 at 8:47 pm
      Don't criticise the bank employees for taking a little more time for lunch govt.offices rummy and card games run through the day .even if bank employees work 24 not much to gain now since the condition of indian banks especially ani is disastrous.
      1. Asanali Malimar
        Oct 4, 2017 at 6:52 pm
        Every time SBI Chairman is coming and going, but, no use. The modern society SBI is still adopting the old fashion style, but not improving. For example, the SBI Nagawpattinam Branch do not care about the NRI as well as local customers. The bank opens at 10 AM and the bank manager is coming and going. . There is no proper timing to the staffs and manager. The customers are coming and waiting for a long time for single transactions and spent their valuable times at the bank. The bank staffs are going for lunch and return after two hours for work.But, the customers are waiting for long time.The very poor administration is going on at the t Nagapattinam Branch. I hope that the New Chairman will take stern actin against them.
        1. Fekuchand fenydas
          Oct 4, 2017 at 6:38 pm
          Arundhati Bhattacharia lost one more extension bec she came openly against farmers loan waver. Feku will not forgive things easily. In Gujrat he punished everybody who uttered even a singlr word against him or his govt. He will not spare even taklu chatur bania if he says something. Ultimately Taklu will go to jail.
          1. K
            Oct 4, 2017 at 5:54 pm
            'Take over' shld be succeeded by 'thing/position'not 'person /lady'
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