L&T Infotech ropes in SBI's ex-chairman Rajnish Kumar as additional director

CIOReviewIndia Team | Friday, 27 August 2021, 12:07 IST

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L&T ropes in SBI's ex-chairman Rajnish Kumar as additional directorL&T Infotech announced that the board of directors have approved the appointment of  Rajnish Kumar as an Additional Director in the capacity of an Independent Director of the Company for a term of five years.

Rajnish Kumar is the former Chairman of the State Bank of India (‘SBI’). He completed his 3 years term as Chairman in October 2020. He is credited with steering the bank successfully through very challenging times. During his tenure, SBI developed YONO, a digital platform, which has established the bank as a global leader in the adoption of technology and innovation.

Kumar is a veteran banker with nearly four decades of service with SBI. His expertise in corporate credit and project finance is well recognised. He served the bank in various capacities across the country including in the North East as Chief General Manager. He successfully managed UK operations of the Bank immediately after the crisis caused by the collapse of Lehman Brothers. Earlier he worked as Vice President (Credit) at Toronto.

Kumar was also the Chairman of SBI’s subsidiaries, important ones being, SBI Life Insurance Company Limited, SBI Foundation, SBI Capital Markets Limited, and SBI Cards & Payments Services Limited. He also served as Director on the boards of various organizations, viz. Export-Import Bank of India, Institute of Banking Personnel Selection, National Institute of Bank Management, Pune, Indian Banks’ Association, Khadi & Village Industries Commission, Indian Institute of Banking & Finance, among others. Kumar was also a member of the Hon’ble Chief Minister’s Advisory Council on Fintech of the Government of Maharashtra.

At present, Kumar is a Director on the Board of Light House Communities Foundation and a member of the Board of Governors of Management Development Institute, Gurgaon. He is also a senior advisor to Barings Private Equity Asia Pte Ltd and an exclusive advisor of Kotak Investment Advisors Ltd.

At around 12.04 pm, L&T Infotech was trading at Rs5198.25  per piece up 1.3% on Sensex. The stock has touched an intraday high of Rs5215 per piece which was near the 52-week high of Rs5,219.45 per piece earlier today.

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