Rajnish Kumar is the new chairman of State Bank of India

Key Highlights

• Bhattacharya was chairman of SBI for three years.
• Her term was coming to an end this week.
• She is rumoured to be replaced by Rajnish Kumar, MD SBI.

Rajnish Kumar has replaced Arundhati Bhattacharya as chairperson of the State Bank of India on Wednesday. 

Government names Rajnish Kumar as new chairman of State Bank Of India for 3 years pic.twitter.com/PHek3xiTOe

— Reuters India (@ReutersIndia) October 4, 2017

The term of the of the former chairman was coming to an end this week and Kumar was named as a ‘front runner’ to be the next chairman.

"It is indeed an honour to be entrusted with the leadership of SBI at a time when India is best poised for growth. I look forward to serving  the bank to the best of my abilities along with the support of all my colleagues spread across the globe,” Rajnish Kumar said on his appointment as chairman. 

After the news broke that Bhattacharya would be replaced Bombay Stock Exchange asked for a clarification from the bank. "The Exchange has sought clarification from State Bank of India with respect to news article appearing on Times of India on October 04, 2017 titled - Rajnish Kumar Front runner to be the Next SBI Chairman," the statement read.

Kumar has been the managing director of SBI. He joined SBI as a probationary officer in 1980 and worked in various departments, a report by Economic Times said. Kumar also headed the merchant banking arm of the bank, SBI Capital Markets.