Rajnish Kumar Banker: A Transformative Leader in Indian Banking

Rajnish Kumar is a renowned Indian banker who has made a significant impact on the country's banking sector. He is best known for his tenure as the Chairman of the State Bank of India (SBI), which is the largest bank in India.

Kumar's leadership style was instrumental in transforming SBI into a more customer-centric and technology-driven institution. Under his guidance, SBI launched several innovative products and services that catered to the evolving needs of customers.

One of Kumar's notable achievements was his role in the merger of SBI with five of its associate banks, which resulted in the creation of a single, unified entity. This move was a significant step towards consolidating the banking sector in India.

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Rajnish Kumar is a transformative leader who has driven significant change at SBI through tech-led innovation.

He has a clear agenda to enhance customer service at SBI's 22,500 branches, which has yielded impressive results with daily customer base growth of over 80,000 accounts.

The bank's digitisation efforts are a key part of this transformation, with YONO, or You Only Need One, being SBI's biggest digital initiative.

Rajnish Kumar believes that collaboration and partnerships will be essential in driving change at SBI, and is open to working with startups to achieve this goal.

He has stated that anyone with a good idea is welcome to join forces with SBI, and if the idea is liked, they are willing to partner or invest.

The government's appointment of Rajnish Kumar as the new chairman of State Bank of India (SBI) was announced in 2017, with Kumar taking charge on October 7 of that year.

Rajnish Kumar, an SBI veteran, took charge at a challenging time for the bank, battling high Non-Performing Assets (NPAs).

Kumar had a three-year term as chairman and managing director (CMD) of SBI.

He was tasked with building on the legacy of his predecessor, Arundhati Bhattacharya, who had driven cultural and process changes at SBI, particularly in technology and digital platforms.

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The merger of SBI with five of its erstwhile associate banks and the Bharatiya Mahila Bank (BMB) was a significant achievement during Bhattacharya's tenure.

Kumar's experience in managing critical operations across India and internationally, including in the United Kingdom and Canada, would be valuable in navigating the bank's challenges.

The government's decision to extend Bhattacharya's term by a year in 2016 to maintain continuity in leadership during the merger was a strategic move.

Rajnish Kumar's appointment marked a new chapter in the bank's history, with Kumar taking charge of retail banking and latest initiatives in payments and digital banking.

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India's economic development has been a topic of discussion in recent times, with the country experiencing a slowdown in growth. The GDP numbers for the April-June quarter showed a six-year low of 5 percent growth, compared to 5.8 percent in the previous quarter.

Rajnish Kumar, the head of India's largest commercial bank, believes that this slowdown is a natural outcome of the growth reforms implemented by the Modi government. He praises Prime Minister Narendra Modi for the many deep-rooted reforms he has launched and executed since assuming power in 2014.

A lot of work still needs to be done to drive investment and growth in the country, particularly in infrastructure development, both physical and digital. Rajnish emphasizes the need for a hassle-free operating environment for businesses to thrive.

The Modi government's initiatives around improving the Ease of Doing Business in India have had a significant impact on growth, according to Rajnish. He believes that a little patience is required to see economic revival, as the country evolves from a traditionally informal economic and business environment to a more structured and well-regulated one.

Higher consumption growth during the festival season suggests that there is room for optimism, Rajnish notes.

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