Rajnish Kumar has been appointed the next chairman of the SBI (State Bank of India). Presently, Mr. Rajnish is the Managing Director of State Bank of India (SBI). Rajnish Kumar will be succeeding Arundhati Bhattacharya, who had got one-year extension to serve as chairman of SBI. The Cabinet appointment committee has given permission the selection of Kumar for a period of 3-years from 7th October, as per the order issued by the Department of Personnel and Training (DoPT).
- Rajnish Kumar’s appointment comes at a time when the SBI profitability is under severe strain because of stressed loans and lethargic credit growth.
- The SBI was weighed down by gross NPA loans of 1.88 trillion rupees in the June end. Gross bad loans account for almost one-tenth of its total advances.
- SBI is also one of the leading banks in a majority of the forty cases referred for bankruptcy proceedings at the NCLT.
- Arundhati Bhattacharya who was the predecessor of Rajnish Kumar was the first woman chairperson of the SBI and also instrumental in the unification of SBI’s associate banks and Bharatiya Mahila Bank with SBI.
- Vinod Rai leading Bank Board Bureau made this recommendation.
More about Rajnish Kumar
- He joined the bank as a probationary officer in 1980 and served in various positions including head of SBI Capital Markets Ltd which is the bank’s investment banking unit.
- Kumar has also held the overseas project in UK and Canada in three decades of career.