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Economy

State Bank of India appoints new chairman

Rajnish Kumar, succeeding Arundhati Bhattacharya, will take on bad-loan problem

Rajnish Kumar previously served as the managing director and chief executive officer of SBI Capital Markets.

MUMBAI -- Rajnish Kumar, managing director of the State Bank of India, has been appointed to succeed Arundhati Bhattacharya as the bank's chairman for a three-year term.

Kumar, who had earlier served as the managing director and chief executive officer of SBI Capital Markets, will begin his tenure on Oct. 7, according to a statement from the Department of Personnel and Training. He has been with the bank for 30 years.

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