The appointments committee of the cabinet has appointed Arijit Basu as the new Managing Director of State Bank of India.
In a notification, the cabinet committee said Basu has been appointed as MD till October 31, 2020.
Prior to this, Basu was heading the corporate accounts group as the deputy managing director and handling stressed assets. Basu returned to SBI two months ago after serving as the Managing Director and Chief Executive Officer at SBI Life Insurance for four years.
Two days ago, SBI's Managing Director B Sriram was temporarily appointed as the Chief of IDBI Bank for a period of three months.
Sriram will take charge as the Managing Director and Chief Executive Officer (CEO) of IDBI Bank after existing Chief MK Jain got recently appointed as the Reserve Bank of India (RBI) Deputy Governor.
A graduate in Economics and a Master of Arts in History, Basu started his career with the bank almost 35 years ago as a probationary officer.
According to the SBI Act, the bank can have up to four managing directors.
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