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Rajnish Kumar named new SBI Chairman

IANS | New Delhi |

 A post-graduate in Physics-turned professional banker, Rajnish Kumar was on Wednesday named the new Chairman of the State Bank of India (SBI).

Kumar, currently one of the Managing Directors in the National Banking Group of the SBI, will succeed Arundhati Bhattacharya, whose extended term ends on Friday.

“It is indeed an honour to be entrusted with the leadership of SBI at a time when India is best poised for growth,” Kumar said on his new responsibility.

Appointed for a three-year term, Kumar said he looked forward to serving the bank to the best of his abilities along with the support of all his colleagues.

A sports aficionado with a background in Science, Kumar joined the SBI as a probationary officer in 1980.

He was elevated as one of the four MDs of SBI on May 26, 2015 and has been handling retail banking and the latest initiatives in payments and digital banking.

Earlier, he was the MD and CEO of SBI Capital Markets Ltd, the merchant banking arm of the SBI Group, and has rich experience in handling large credit, project finance, retail banking and FOREX.

Over the years, Kumar handled several key assignments across various business verticals including to foreign postings in Canada and as the Regional Head, SBI, United Kingdom.

Besides, he has held other major responsibilities like Chief General Manager North East Circle and as CGM, Project Finance, and as MD, Risk & Compliance.