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Consumer credit strong, says SBI's incoming boss Rajnish Kumar

BS Web Team/New Delhi 05 Oct 17 | 12:27 PM
Related to : State Bank of India
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Rajnish Kumar

Corporate credit growth is limited but credit is growing well on the consumer front, SBI's Chairman-designate, Rajnish Kumar, said in a conference call on Thursday. He will take over from current Chairman Arundhati Bhattacharya, who will complete her four-year term on Friday.

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Kumar also said that the Indian economy is undergoing a transformation and that the banking industry is facing huge challenges. Kumar added that SBI would completely transform in the next three years. 

He said that while corporate credit growth was muted, credit was growing well on the consumer front. Kumar added that discussions were ongoing on how to revive corporate credit growth and on resolving non-performing assets.

Further, according to Kumar, consumer confidence and the consumer finance story remain intact. He also said that infrastructure is one sector where opportunities are unlimited. Infrastructure and consumer spend is where the bank has huge opportunities, he said, adding that the bank was well positioned to capitalise on them.

ALSO READ: Rajnish Kumar to be new SBI chairman

Kumar, 59, is at present one of the four managing directors at SBI, looking after the National Banking Group — which covers the retail, SME and agriculture business verticals. He had joined the lender in 1980. The Appointments Committee of the Cabinet approved his appointment as the SBI chairman for a period of three years from the date of taking over the charge on or after October 7, an order issued by the Department of Personnel and Training (DoPT) said.

Tackling the issue of ongoing resolution of bad loans and human resources to ensure smooth functioning of operations after the merger of associate banks will be the two top priorities throughout his innings. Supporting growth through increased lending would also figure prominently on agenda, SBI group executives said.

He is seen more as a doer with a focus on action, said a middle-level SBI executive. 

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