ARUNDHATI BHATTACHARYA TENURE EXTENDED FOR ONE YEAR AS SBI CHAIRMAN

The government on saturday  1st october,2016 , granted a one-year extension to Arundhati Bhattacharya as chairman of State Bank of India, for first time in the history of country’s largest lender.State Bank of India chairman Arundhati Bhattacharya, who was due to retire on 6 October, has received a year’s extension,source said.

Bhattacharya’s term will expire in October 2017, a finance ministry official told reporters in New Delhi. Appointed in October 2013 as the bank’s first female chairman and most-senior executive officer, Bhattacharya has taken steps to curtail bad debt and improve profitability at a lender that is 60.2% owned by the government.

Bhattacharya said in August that the merger was a “win-win” for the lender and its units, citing expected cost savings, adding that the process will be completed by 31 March. State Bank of Mysore, State Bank of Travancore, State Bank of Bikaner & Jaipur, State Bank of Hyderabad and State Bank of Patiala are the units being merged with the parent.