Kumar, chairman of the State Bank of India, is a demitting office on 7 October when his 3-year term at the helm of India’s largest bank ends. The government has not given him an extension and the Banks Board Bureau has recommended current Managing Director Dinesh Kumar Khara to be the next chairman. Rajnish Kumar has successfully steered the bank after the merger of the 5 associate banks with it and effectively managed NPAs to be at the minimum level. The GNPA for the bank has reduced by 39% to ₹1296.61 billion in June 2020 from ₹2128.4 billion in June 2018. In the same period, the provision coverage ratio for bad loans has risen from 69% to over 86%. He is also responsible for strengthening the bank’s digital platforms, especially the YONO application, which saw 2.9 million registrations in the June-ended quarter, when banking in the physical form took a major hit due to the lockdown. The cumulative registrations through YONO are at 24 million.
