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State Bank of India names managing director as new chairman

State Bank of India said Rajnish Kumar was appointed as the lender's new chairman by the Indian government.

The bank said Oct. 4 that Kumar will have a tenure of three years from the date of his takeover on or after Oct. 10, or until further orders.

He replaces Arundhati Bhattacharya, who will step down as chairman Oct. 6, after completing her one-year extended term as chairman, the Press Trust of India reported.

Kumar was appointed as a managing director of the bank in 2015. He was previously named as being among the managing directors in the race for the chairman post.