The government on Wednesday announced appointment of Rajnish Kumar as the new chairman of the country's largest public sector lender, State bank of India (SBI).
The Appointments Committee of the Cabinet has approved the appointment of Kumar for a period of three years from October 7, reported an order issued by the Department of Personnel and Training (DoPT).
One of the frontrunners for the top job at SBI, Kumar was serving as one of the four managing directors with the bank.
He was heading the merchant banking arm of the bank, SBI Capital Markets, as managing director and CEO, and presently headed the retail business at SBI.
Arundhati Bhattacharya, who served as the SBI chairperson is due to retire on October 6, after getting an extension from the government.
Bhattacharya, who joined in 2013, was 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 services from October 7.
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