State Bank of India (SBI), the largest public sector lender, appointed Rajnish Kumar as the fourth managing director to head the compliance and risk department. This department has been created for the first time by the Bank to focus on technology upgradation and skill development.

Rajnish Kumar has been with the State Bank of India for over three decades, having joined the Bank as a Probationary Officer in 1980. An M.Sc. in Physics and a Certified Associate of the Indian Institute of Bankers (CAIIB), Kumar has held several key assignments across various business verticals, including two overseas assignments in Canada and U.K. He has vast experience in handling large credit, project finance, foreign exchange and retail banking.  

Shares of the bank declined Rs 2.15, or 0.77%, to trade at Rs 278.50. The total volume of shares traded was 491,002 at the BSE (11.40 a.m., Thursday).