Arijit Basu takes over as SBI Managing Director
The State Bank of India (SBI), the country's biggest public lender, has appointed Arijit Basu as its next Managing Director (MD), it said in a statement. Basu took charge of his new role today, after his predecessor Rajnish Kumar's elevation as the chairman. With Basu, SBI now has four MDs, the maximum limit under the SBI Act. Here's more about the man and the job.
Basu joined SBI 35 years ago
Basu, an Economics and History specialist, joined SBI 35 years ago as a probationary officer. Since then, he has served in various positions across different segments, including CGM, Delhi Circle; Regional Head and CEO in Tokyo; and MD and CEO of SBI Life Insurance. He will serve in his latest post till October 2020, or till further orders.
What will his new position involve?
Basu will be in charge of commercial credit and IT, along with the additional charge of stressed assets resolution group, the SBI said. He will join the likes of B. Sriram, PK Gupta and Dinesh Khara, all MDs of SBI. Sriram last week took charge as MD and CEO of ICICI Bank, after his predecessor MK Jain was elevated as RBI Deputy Governor.
A series of exits coming up at SBI?
Exit of top SBI bankers is unlikely to stop with Sriram. The Banks Board Bureau has recommended 14 names to take over public banks as CEOs, and six of them are from SBI, including Padmaja Chunduru, Pallav Mahapatra, Mrutunjay Mahapatra, J Packirsamy, V Nageswar and Karnam Sekar. The banks haven't been named though. Anshula Kant's name was also proposed for MD position within SBI.
