Besides Kumar, three other Managing Directors - B Sriram (the senior-most MD), PK Gupta and Dinesh Khara - were vying for the top position. Kumar will take over the charge after Arundhati Bhattacharya tenure gets over on 6th October.
Kumar, now a managing director with the bank, joined SBI as a probationary officer in 1980 and has worked in various departments.
Managing Director of State Bank of India (SBI), Rajnish Kumar has been appointed as the chairman of the largest public sector bank. Kumar also headed the merchant banking arm of the bank, SBI Capital Markets.
Arundhati Bhattacharya was appointed as the first woman chairman of SBI in 2013.
Kumar joined State Bank of India as the probationary officer back in 1980 and had worked in a number of departments before being appointed as one of the managing directors.
In October 2016, Bhattacharya had got a one year extension for maintaining continuity as the Bank was preparing to absorb five associate banks and the Bharatiya Mahila Bank in April. Currently, he is holding the position of managing director of the bank.
Mr. Kumar, who will have a three-year tenure, pushed the digitization drive of the bank particularly post the demonetisation exercise which gave its private sector competitors a run for their money.
In his career spanning over three decades at the bank, Kumar has held several key portfolios at SBI across various business verticals and has handled two overseas assignments in Canada and UK.
Kumar brings with him vast experience in handing large credit, project finance, foreign exchange and retail banking.