SBI chief Arundhati Bhattacharya gets one year extension

Arundhati Bhattacharya's term as State Bank of India's (SBI) chairperson has been extended for another year, according to reports. 

Her tenure as the chairperson was ending on October 6. However, it has been extended in order for her to oversee the merger of six smaller commercial banks into the country's largest lender. 

Last month, the government gave its consent for the merger of SBI with six banks, namely, State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Hyderabad, State Bank of Maharashtra and Bharatiya Mahila Bank. 

Bhattacharya's term has been extended despite her reaching the retirement age in March 2016.