As the 25th chairman of State Bank of India, he will face several challenges both internal and external
Rajnish Kumar will take charge of State Bank of India (SBI) as chairman at a time when the India's largest bank has absorbed the subsidiaries under its direct wings, the banking sector is feeling stressed under non-performing assets (NPAs) and overall economic growth is slowing down.
Kumar, currently a managing director with the bank, will take over the new role on Saturday, succeeding the bank's first lady chairman Arundhati Bhattacharya. As the 25th chairman of SBI, he will face several challenges both internal and external. He will have to ensure that the integration process of the subsidiaries reaches a level of deep maturity, other growth wrinkles are smoothened and the NPAs fall dramatically.
Within the bank, Kumar is known to be a risk taker and is open to new challenges. Colleagues in SBI say that he is a consensus person who is not afraid of testing a new idea.
If not made chairman, Kumar would have retired in January, when he turns 60. The promotion to the top has come at the right time as it gives him an extended tenure of three years in the bank. He has been with the SBI for over three decades, having joined the bank as a probationary officer in 1980.
In many ways, Kumar was groomed as the next successor. Having closely worked with the outgoing chairman Bhattacharya, he will ensure continuity of the bank's vision, focus on digital initiatives and at the same time be a banker to every Indian.
A senior deputy managing director of the bank said, “He is a go-getter and a peoples’ person. Very innovative and a person with an all-round experience.”
Kumar has vast experience in handling large credit, project finance, forex and retail banking. He has also held important positions such as regional head - SBI (UK); chief general manager - North East circle, chief general manager - project finance and managing director (risk & compliance).
As a chief general manager in charge of infrastructure about six years back, sitting Kumar used to caution about infrastructure lending and the need to incorporate risk mitigations from SBI's Ballard Estate branch.
Currently, Kumar looks after retail banking and latest initiatives in payments and digital banking. Prior to that, he headed SBI Capital Markets Ltd, which is the merchant banking arm of SBI, in the capacity of MD & CEO.
Preparing for the captain's role, Kumar said, "It is indeed an honour to be entrusted with the leadership of SBI at a time when India is best poised for growth. I look forward to serving the bank to the best of my abilities along with the support of all my colleagues spread across the globe.”
An avid traveller, Kumar has visited several countries. He is passionate about sports and badminton as a hobby.
A post graduate in physics, Kumar is a Certified Associate of Indian Institute of Bankers. He has held several key assignments across various business verticals, including two overseas assignments in Canada and the UK.
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