Finance

#3 Things to Know about the New Leader of India's Largest Bank

Kumar has also spoken about how banks are innovating at a fast rate to keep up with entrepreneurs
#3 Things to Know about the New Leader of India's Largest Bank
Image credit: sbi.co.in
Entrepreneur Staff
Senior Correspondent, Entrepreneur India
3 min read

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After great speculation the news has been finally confirmed, Rajnish Kumar will take over as the Chairman of State Bank of India. When SBI’s first woman chief Arundhati Bhattacharya finished her term (which even included an expansion of one year), all eyes were on the directors of the company.

Rajnish Kumar has emerged triumphant, ready to move beyond his role of Managing Director to become the new chairman of India’s largest bank. Kumar has a hoard of challenges ahead of him, including SBI’s bad asset loans. Arundhati Bhattacharya is set to give up the seat on October 6 and Kumar will take charge from October 7.

As he takes over the reins for the next three years, we take a look at 3 things that make him stand out in the crowd.

Rising up the Ranks

Kumar had joined SBI as a probationary officer and has since then, worked his way up the ladder. Prior to his appointment, he was serving as the Managing Director of the bank. He is also Group Executive of National Banking Group. Earlier, he has held many other prestigious posts at SBI like the Chief General Manager of North East and also Managing Director and Chief Executive Officer at SBI Capital Markets Limited.

Banking Career of 3 Decades

With a career spanning over 30 years, Kumar has made a mark for himself in the industry. Kumar has moved across verticals and countries to be in charge of several important assignments. A graduate of M. Sc. In Physics, Kumar over his banking career has worked and handled various departments that look into project finance, foreign exchange, large credit and retail banking.  

The Perfect Spokesperson

He is not someone new to the limelight. Often seen at events representing not just State Bank of India but also the banking sector, Kumar is also known to speak his mind. At a recent event by NAREDCO, Kumar even spoke about how the rights of home buyers cannot be denied and they should be treated at par with the lenders under the insolvency and bankruptcy law. Kumar even spoke about the possible Uberization of the real estate sector in the future. According to his profile on the SBI website, Kumar is also known to be an avid traveller and a lover of sports. He is also a badminton player.  

At various events, Kumar has also spoken about entrepreneurship and how banks are innovating at a fast rate to keep up with the fast pace of entrepreneurs. Kumar had earlier told the media that manpower would reduce with time. Around 10 per cent reduction is expected in two years.

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