SBI chairperson Arundhati Bhattacharya to serve for one additional year
The move will help her see through the merger of the country's biggest lender with five of its subsidiaries and the Bharatiya Mahila Bank.
State Bank of India Chairperson Arundhati Bhattacharya’s term was on Saturday extended by a year. She was originally appointed to the post for three years, starting October 7, 2013. The This is the first time the government has approved an extension for an SBI chairperson, Business Standard reported.
The move is expected to facilitate SBI’s major project to merge five of its subsidiaries – State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad, along with the Bharatiya Mahila Bank. The merger will transform SBI into the 45th biggest global lender, with an asset base of Rs 37 lakh crore.
Bhattacharya had said in September that the bank was likely to initiate the merger process in October, and hopes to complete it within the financial year. The move has faced opposition from across the banking sector. On July 29, around 8 lakh public sector bank staff joined a strike on Friday called by the United Forum of Banks Unions against the move, among other demands.
