The government appointed Arjit Basu as managing director of the country's largest lender State Bank of India.
He will fill the position that fell vacant following the elevation of Rajnish Kumar as the chairman. Now, after this SBI will have four managing directors. According to the SBI Act, the bank can have four managing directors.
The government has appointed Deputy Managing Director Basu as managing director with effect from the date of taking over charge till his superannuation in October 2020, according to a statement.
Prior to becoming the deputy managing director, he served as the managing director of SBI Life Insurance. A graduate in economics and a Master of Arts in history, Basu started his career with SBI in 1983 as a probationary officer.
Basu has held several key positions in various circles of SBI, including the bank's office at Tokyo.
In another statement, SBI said it has appointed a chief risk officer according to the Reserve Bank of India's direction.
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