Banking professional Arijit Basu has taken over as a new Managing Director of State Bank of India (SBI), an official said on Monday. A deputy MD of the SBI and a former MD and CEO of SBI Life Insurance Co, Basu will be in the post till October 2020 or further orders.
With his appointment, announced by the Centre last week, the SBI now has four MDs including B. Sriram, P.K. Gupta and Dinesh Khara. Former MD Rajnish Kumar was elevated as the SBI Chairman in October 2017.
Basu will handle the areas of Commercial Credit and IT and also additional charge of Stressed Assets Resolution Group. He has earlier held various key assignments in SBI including CGM, Delhi Circle, and Regional Head and CEO in Tokyo, corporate banking, international banking, retail banking, HR and Business Process Reengineering initiatives.
An economics graduate with Masters in History, Basu joined the SBI as a probationary officer almost 35 years ago and is also a Certified Associate of the Indian Institute of Bankers.