SBI CHIEF ARUNDHATI BHATTACHARYA GETS EXTENSION TO DRIVE OVERHAUL

State Bank of India (SBI) chairman Arundhati Bhattacharya has been given a one-year extension by the government. Her three year-term as the chief of the bank was to end on October 6.

The move is aimed at providing continuity of leadership at a time when the bank is gearing up to merge its associate banks and Bharatiya Mahila Bank with itself. “Continuity of leadership is important and in other cases too, the performing chiefs of banks will be considered for extensions,” a senior government official, who did not wish to be identified told Hindustan Times. HT first reported on June 1 about Bhattacharya’s extension.

Sources said that there was “no race” for the top job. “For the first time probably there was practically no race for the top post and it was almost certain that she would continue as the chief,” a senior executive of the bank said. Bhattacharya’s name was also considered for the post of governor Reserve bank of India.