State Bank of India’s managing director Rajnish Kumar would be replacing incumbent chairman Arundhati Bhattacharya as the next chairman of the country’s leading public sector Bank.

Kumar would hold the post for the next three years.  In a statement issued on his behalf soon after his appointment, Kumar said that he looked forward to giving his best in his new assignment with the ‘help and cooperation’ of his colleagues at branches of the Bank spread across the world.

Appointments Committee of Cabinet (ACC) has approved the appointment of Kumar as the next chairman of SBI for three years from Saturday (07th October).  Kumar has had a long association with the SBI after joining it as a probationary officer in 1980.  After serving in various Departments, he became the managing director in 2015 by heading the national banking group.

A banker to the core, Kumar had worked in SBI’s overseas branches in Canada and in England.  He takes over at a time when the banking industry faces huge challenges.