Arundhati Bhattacharya is the new chief of SBI
Moneylife Digital Team 07 October 2013

The Finance Ministry has finally appointed Arundhati Bhattacharya as the new chairperson of SBI. As per the norms, the candidate has to have at least two years of service left before retirement which seems to have ruled out the other three MDs of SBI

State Bank of India (SBI), the country's largest lender has appointed Arundhati Bhattacharya as its new chairperson. Earlier, she was managing director and chief financial officer of SBI.
 

Ms Bhattacharya replaces Pratip Chaudhuri who retired on 30th September. Chaudhuri was appointed chairman in April 2011.

 

Earlier, the government interviewed all the four managing directors, A Krishna Kumar, H Contractor, S Viswanathan and Arundhati Bhattacharya for the top post at SBI. Among these candidates, Ms Bhattacharya has the longest tenure left - two and half years.

 

According to a report from Business Standard, the Finance Ministry had sought an exemption from the current regulatory guidelines because only one of the four SBI managing directors, i.e. Arundhati Bhattacharya was eligible for the chairman’s position. As per the norms, the candidate has to have at least two years of service left before retirement which ruled out the other three MDs.

 

About Arundhati Bhattacharya

Born on 18 March 1956, Arundhati Bhattacharya joined SBI as a Probationary Officer in 1977. During her tenure of 36 years in SBI, she has held a number of important positions including those of deputy managing director and corporate development officer, chief general manager (Bangaluru Circle) and chief general manager (New Businesses). She also headed SBI Capital Markets Ltd, a Subsidiary of SBI.

 

She has also had a stint in the Bank's New York office where she was in charge of monitoring branch performance, overseeing external audit and correspondent relations. She has handled retail and corporate finance as well as treasury. She has also played a pivotal role in setting up three of the latest subsidiaries of the Bank, the general insurance subsidiary, the custodial subsidiary and the SBI Macquarie Infrastructure Fund.

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