In 3 years, SBI will be transformed completely, says new chief Rajnish Kumar

Rajnish Kumar, the new chairman of the State Bank of India on Thursday said that the largest public sender would be transformed completely under his tenure. 

Kumar had been appointed as the new SBI chief for three years as Arundhati Bhattacharya's tenure would be completed on October 6. 

Rajnish Kumar, who joined SBI as a probationary officer in 1980 and has worked in various departments. Before becoming MD, Kumar was heading the merchant banking arm of the bank, SBI Capital Markets, as managing director and CEO.

As the new head of the bank will have to lead it through the ongoing resolution of bad loans, while ensuring that it supports growth by stepping up lending, addressing the media, Kumar said that the focus would be on making the bank stronger than ever. 

Assuring positive changes, he said that the bank is already discussing on how to revive corporate credit growth,and how to resolve non-performing assets.

"Infrastructure and consumer spend is where bank has huge opportunities,and bank is well positioned to capitalise on them", he added. 

Talking about the recent revision of service charges, he said that the latest revision has been lauded by customers. He also termed Indian banking sector as highly competitive. 

He also ruled out providing relief in home loan interest. 

At a time when banking sector is passing through a rapid paradigm shift, country's bank sector is finding itself woefully handicapped.

The foremost requirement for the new SBI is understanding of risks and compliance with new regulations like Insolvency and Bankruptcy Code or ever evolving NPA provisioning norms.