Basu’s appointment is executed following the elevation of Rajnish Kumar as the new chairman of the bank.
Post this new executive-level change, SBI will now have four Managing Directors. This is in adherence to State Bank of India Act.
Basu was earlier holding the position of Deputy Managing Director and his appointment as Managing Director will be effective till superannuation in October 2020.
Prior to becoming the Deputy Managing Director, Basu was holding the position of Managing Director of SBI Life Insurance. He is a graduate in Economics and Masters of Arts in History. He started his stint in SBI in 1983 as a Probationary Officer and has held several key positions at various departments of SBI including the bank’s office at Tokyo.