Mumbai: State Bank of India chairman Arundhati Bhattacharya, who was due to retire on 6 October, has received a year’s extension, said a SBI official from the chairman’s office on the condition of anonymity . The bank is also in the process of cleaning up Rs.98,000 crore of bad loans on its books. Credit monitoringBhattacharya has pushed SBI to strengthen its credit-monitoring measures, to identify loans that may default and to take steps to recover them. The chairman leads a panel that works on retrieving stressed loans greater than Rs.500 crore. 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.

Source: Mint October 01, 2016 11:03 UTC