Mumbai, July 2: Banking professional Arijit Basu took charge as a new Managing Director of State Bank of India (SBI) on Monday.
A deputy MD of the SBI and a former MD and CEO of SBI Life Insurance Co, Basu will be serving this post till October 2020 or further orders.
With his appointment, announced by the Narendra Modi government last week, the public sector bank now has four MDs including B. Sriram, P.K. Gupta and Dinesh Khara.
In October 2017, Former MD Rajnish Kumar was elevated as the SBI Chairman.
Basu will look into the areas of Commercial Credit and IT and also additional charge of Stressed Assets Resolution Group.
Prior to this, he has held various core 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 around 35 years ago and is also a Certified Associate of the Indian Institute of Bankers.