New Delhi: The country's largest bank, State Bank of India (SBI), is likely to get a new chairman soon as Rajnish Kumar's tenure ends on October 7, 2020.
A virtual interview for the post is slated to be held on August 28. As per a top Finance Ministry source, the four managing directors (MDs) of the bank will appear for the interview.
"Earlier, three MDs of SBI -- Arijit Basu, Dinesh Khara and SC Setty -- were informed about the interview. But now the fourth, Ashwani Bhatia, who recently resigned as SBI Mutual Fund MD and surprisingly took over as the fourth MD of SBI on Monday (August 24), has also been told to appear for the interview," the source said.
"Although all the aspiring candidates have been intimated by the concerned authority on the telephone, no official communication for the interview has been sent to them. Selection for the post is expected to take into account their performance and seniority. The interview will be conducted by the government-recommended Bank Boards Bureau," the source added.
While the interviews are for the chairman's position, the bank will soon have a vacancy for an MD too after Arijit Basu retires at the end of October.
The present chairman incumbent, Rajnish Kumar, is on extension post-retirement. Asked about speculation that Kumar could be given a further extension, the Finance Ministry source said a decision would be taken only after the interviews. Taking Kumar's age into consideration, it is said that chances of another extension for him are bleak.
In 2016, Kumar’s predecessor Arundhati Bhattacharya too had received an extension because SBI was completing its merger with five associate banks. Kumar, 62, took charge on October 7, 2017. As per the statute, the chairman or CEO of a public sector bank can continue in service till the age of 65.