Former banker Arundhati Bhattacharya is the First Woman Chairperson of the country’s largest bank – SBI in its 210 years. Under her direction from 2013 to 2017, SBI expanded to over 17,000 branches and served over 330 million customers across 36 countries.
Arundhati hails from Bhilai and was born into an academically-inclined family. Her mother, Kalyani Mukherjee, worked as a homoeopathic physician, and father, Prodyut Kumar Mukherjee, was an engineer employed at the Bhilai Steel Plant. She had a strong desire to pursue journalism when she was young, finishing her education at St Xavier’s School in Bokaro Steel City and later enrolling herself at Lady Brabourne College in Kolkata followed by Jadavpur University. She holds a Postgraduate Degree in English and is an Associate Member of the Indian Institute of Bankers.
Stepping Into The World Of Banking
Although Arundhati was driven to pursue a career in journalism, she chose to take the 1977 SBI probationary officer test and passed it at the age of 22. She joined the banking industry and has never looked back since. With over 40 years of broad and varied experience, as well as in-depth knowledge of the banking business and its related technologies, she has been globally acknowledged for making her mark on the Indian financial industry.
She worked for the bank for 36 years, holding a variety of jobs in investment banking, retail operations, treasury, foreign exchange, and human resources. These included roles such as Chief General Manager where she was tasked with overseeing new projects, and Chief Executive of the State Bank of India Capital Markets, the bank’s merchant banking division. Previously, Arundhati worked at the bank’s New York branch as well. In addition, she contributed to the establishment of other new companies, including SBI Macquarie Infrastructure Fund, SBI General Insurance, SBI Custodial Services, and SBI Pension Funds Pvt. Ltd.
Contribution To The Growth Of SBI
After Pratip Chaudhuri retired on September 30, 2013, Arundhati took over as chairperson. She was the only woman banker on the list of global titans and the first woman to ever oversee a Fortune 500 company in India. She recognised the issues faced, and turned SBI from a reliable state-run lender into a competitive and customer-focused bank during her time. She has received numerous honours and recognitions over the years, including being named one of Fortune and Forbes ‘World’s 100 Most Powerful Women,’ and Fortune’s ‘World’s Greatest Leaders,’ an award for the highest employee satisfaction level from SBI. Also among her accomplishments are a Lifetime Achievement Award in the ‘Best Banker’ category from Financial Express Group, and a Lifetime Achievement Award from Zee Marathi TV channel.
Leading The Bank Through Tough Times
She completed the merger of five associate banks with Bhartiya Mahila Bank and guided the bank through its most difficult periods. After this merger, a banking giant with assets worth over ₹37 lakh crore was formed. With products such as SBI Buddy, Arundhati concentrated on technology and the proliferation of digital platforms. During FY17, the SBI group recorded mobile transactions worth ₹5.83 lakh crore, accounting for 44.5 per cent of the market. Consolidated net profits for the quarter ending June 2017 were ₹2,006 crore.
She implemented sabbatical leave for women bank employees while serving as SBI’s chairperson. She’s been nominated by the government to be a part of select committees, which includes The National Coal Index Committee, SEBI’s Mutual Fund Advisory Committee, the Padma Awardees Selection Committee, the Lokpal Search Committee, and SEBI.
Arundhati Bhattacharya is among the most formidable and impactful banking leaders a nation has ever had. She carried out SBI’s seamless shift, and ingrained fearlessness and risk-taking prowess in the banking industry throughout that time. Several women entrepreneurs have been motivated by her to enter the start-up ecosystem.
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