LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » India News

Rajnish Kumar to head State Bank of India

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Oct 04, 2017
06:39 pm
PTI
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Rajnish Kumar was today named the new chairman of the country's largest public sector lender State Bank of India (SBI), replacing Arundhati Bhattacharya who completes her four-year term on Friday.

Kumar, aged 59 years, is at present one of the four managing directors of the SBI.

The Appointments Committee of the Cabinet approved his appointment as the SBI chairman for a period of three years from the date of taking over the charge on or after October 7, an order issued by the Department of Personnel and Training (DoPT) said.

Kumar, as the new head of the bank will have to tackle the issue of ongoing resolution of bad loans while supporting growth through increased lending. Huge non-performing assets (NPA) of public sector lenders is a major cause of worry for the government.

Kumar joined the SBI board on May 26, 2015. Prior to this appointment, he was Managing Director Compliance and Risk, and Managing Director and Chief Executive Officer of SBI Capital Markets Limited, the merchant banking arm of the bank, according to his biodata.

He had earlier served as Chief General Manager, Project Finance and Leasing Strategic Business Unit, it said.

Kumar has held several key assignments across various business verticals, including two overseas assignments in Canada and the UK.

Bhattacharya became the first woman chairperson of SBI in 2013 for three years. She was given a year's extension in October last year to ensure continuity as the SBI was then in the process of absorbing five associate banks.

State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and Bharatiya Mahila Bank merged with SBI on April 1, 2017.

Kumar faces the daunting task of addressing the issue of massive NPAs of the bank.

Gross NPAs of the public sector banks rose to Rs 6.41 lakh crore at the end of March 2017 as against Rs 5.02 lakh crore a year ago, according to a Finance Ministry data.

As many as 1,762 wilful defaulters owed Rs 25,104 crore to State Bank of India as on March 31, 2017, it said.

A wilful default occurs when a borrower does not honour an obligation despite having the capacity to pay or siphons off funds by disposing of assets without the knowledge of the bank.

SBI and its erstwhile associates alone wrote off Rs 27,574 crore NPAs in 2016-17, according to a data by the Reserve Bank of India.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Budget 2021: What IT wants from FM Nirmala Sitharaman - a Cyber Security Policy like Income Tax, GST

IBPS Clerk Result 2020-21: Prelims cut off declared! Check score card, latest update at ibps.in

OPPO Reno 5 Pro 5G, Enco X to go on Sale in India Today; Rs 3,500 discount, cashback, bank offers on Flipkart

Killer Bird Flu Alert: Do NOT eat eggs, chicken prepared this way; 10-pt Warning issued by FSSAI over avian influenza virus; check full list

7th Pay Commission: Don't Miss! What government employees should know about salary hike, DA release, arrears clearance

Traffic violations fine: NEVER EVER drive on wrong side of the road in this city, you may lose your driving licence permanently

UPSC exam 2021: No extra attempt for those who missed civil services exam due to Covid 19, Centre tells SC

Home First Finance Company IPO review: Motilal Oswal recommends subscribe to the issue for Long Term

Subhas Chandra Bose 125th birth anniversary: PM Modi to visit Kolkata to address 'Parakram Diwas' celebrations; will also disburse plot certificates in Assam

Actress Priyanka Chopra shares a secret about her late night talk show appearances

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved