The NDA Government has extended the tenure of Arundhati Bhattacharya
as Chairman of State Bank of India for a period of one year with effect
from Oct 7, 2016 or until further orders, whichever is earlier.
This extension comes at a time when India’s largest bank is in the midst
of amalgamating its five associate banks – State Bank of Bikaner &
Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of
Patiala, and State Bank of Travancore --- with itself and purging its
balance sheet of bad loans.
The amalgamation of associate banks as well as the Bharatiya Mahila Bank with SBI is expected to be completed by March-end 2017.
Bhattacharya was appointed Chairman in August 2013 for a period of three
years. Earlier there was speculation that she would get an extension of
six months.
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