The Appointments Committee of the Cabinet has recently appointed Mr. Arjit Basu as the MD of State Bank of India, which is India’s largest bank. Post Mr. Basu’s appointment, SBI will have a total of four MDs. According to the SBI Act, the public-sector lender can have up to four MDs.
Mr. Arjit Basu will be filling the position that was left vacant after Mr. Rajnish Kumar was appointed as the chairman of State Bank of India last year. A recent notification from the committee stated that Mr. Basu will be appointed as the MD of the bank until October 2020, which is the year of his superannuation.
Mr. Basu joined SBI as a probationary officer in the year 1983. Before being appointed as one of the managing directors of State Bank of India, he served SBI Life Insurance as its MD for a period of four years. Over the years, Mr. Basu has been employed in numerous key positions in SBI and has also worked in SBI’s office at Tokyo.
State Bank of India also released another statement saying it has appointed Mr. Anil Kishore as the chief risk officer and the deputy managing director of the bank until May 2020, according to the Reserve Bank of India’s directive.
Sources: The Times of India, Money Control, The Economic Times