The Centre on Wednesday named Rajnish Kumar the chairperson of State Bank of India. The Appointments Committee of the Union Cabinet appointed Kumar to the post for three years, ANI reported.

Kumar told CNBC TV-18 that he would take over as the chairman on October 7. Kumar, who is currently the managing director of the public sector bank, will replace Arundhati Bhattacharya. Bhattacharya’s term will end this week.

Kumar said that the present time was “challenging for the banking sector” in the country, and that he hoped to take forward the work done by Bhattacharya. “It will be difficult to step into her shoes – they are too large,” he said. He added that he had been informed about the Cabinet’s decision only moments before it was made official.