Rajnish Kumar to succeed Bhattacharya as SBI chief

Rajnish Kumar, 59, the most senior of the managing directors at State Bank of India (SBI), will become the 25th chairman of the country’s largest lender, succeeding Arundhati Bhattacharya, who is set to retire on 6 October.

The government announced his appointment for three years. Kumar is currently in charge of retail banking at SBI. The appointment comes at a time when SBI’S profitability is under strain because of ballooning bad loans and sluggish credit growth.