SBI new Chairman says, “Tackling bad debts will be top priority”

In news

Rajnish Kumar has been named as the new Chairman of State Bank of India (SBI). Tackling bad loans will be a priority for India’s largest bank.

Kumar replaces Arundhati Bhattacharya, who implemented major reforms during her four years at the helm and became one of India’s most high-profile executives.

State Bank of India

SBI, which has more than 400 million customers, was propelled into the list of the world’s largest banks as a result of its latest deal, part of a government effort to slowly clean up the cluttered state-owned banking sector.

SBI, accounts for more than a fifth of India’s banking assets.

Current issues with SBI

It  has seen bad loans rise after it absorbed five subsidiary banks earlier this year.

The merger has taken SBI to the list of top 50 banks in the world with total assets of Rs 40 lakh crore. The second and third largest banks in the country have assets of Rs 7-8 lakh crore.

According to a new notification issued by the Department of Personnel and Training (DopT), Rajnish Kumar will take over the position for three years starting from October 7, 2017.

 

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