Government has given one-year extension to SBI chief Arundhati Bhattacharya amid the lender’s consolidation with its associate banks. According to top government sources, the incumbent SBI chairman has been given one-year extension. This will provide continuity at a time when the process of consolidation is going on.
Earlier this year, the Cabinet gave its nod for merger of State Bank of India (SBI), its associate lenders and Bharatiya Mahila Bank (BMB) that would make the state-owned lender a global-sized bank.
Earlier in the day, the government reappointed her for a one-year term beginning October 7. In a statement, SBI said, “The government today extended the tenure of Bhattacharya as the chairman of SBI for a period of one-year with effect from October 7 or until further orders, whichever is earlier.”
The extension, which was expected, comes amid the lender’s consolidation with its five associate banks and takeover of Bharatiya Mahila Bank. This move will provide continuity to the process of ongoing consolidation.