One-year extension for Arundhati Bhattacharya.
State Bank of India Chairman Arundhati Bhattacharya’s term has been extended till October 2017 by the central government, considering the five associate banks and Bhartiya Mahila Bank merger with the parent bank.
Her three-year term was supposed to end by September-end but government decided to extend her term for one more year
The government also consulted the Bank Board Bureau (BBB) to come to the decision of the extension of her term as the SBI Chairman.
This move is expected to help the government to complete the process of merger within this fiscal year.
“The merger of SBI and its associate banks is a win-win for both. While the network of SBI would stand to increase, its reach would multiply. One can expect efficiencies to be created from rationalisation of branches, common treasury pooling and proper deployment of a large skilled resource base.”said Bhattacharya. Indian government had put in Rs 7,575 crore capital in the bank.
This year on June 15, the Cabinet approved SBI’s proposal for merger, which can place the bank among the top 50 banks in the world in terms of assets.