'...the President is pleased to accept the resignation tendered by Shri Ashok Lavasa, Election Commissioner with effect from the 31st August, 2020,' the notification said.
Last year SBI's credit growth was 15.6 per cent.
"Rates are high and obviously it is hurting the industry. We are all hoping for that (lending rates to fall). In the long term, one of the things that will make industry viable and investment come back is to have lower lending rates," Diwakar Gupta, managing director and chief financial officer of SBI, said on Wednesday.
Chaudhuri succeeds managing director R Sridharan, who was the acting chairman after O P Bhatt retired on March 31.
The state-owned lender has been contemplating a Rs 20,000 crore (Rs 200 billion) rights issue for nearly a year now, but is yet to get a go-ahead from the government, which owns a 59.40 per cent stake in the bank.
Lavasa would soon be joining the Asian Development Bank as vice president
Lavasa, a career bureaucrat, joined as Election Commissioner on January 23, 2018, and being senior most on the poll panel would have become CEC in April next year after the term of incumbent Sunil Arora ends.
Describing RBI policy as not surprising, State Bank of India Managing Director and Chief Financial Officer Diwakar Gupta said there is room for the central bank to look at the long-term and not too much on the short-term issues like rupee fall and the CAD.
Arundhati Bhattacharya is a strong contender for chairperson post, after Pratip Chaudhuri retires in September.
Under the watchful eyes of five wise men, who know the industry well, banks will not find it easy to hoodwink the system, says Tamal Bandyopadhyay.
Banks want lower provisioning burden on recast debt, interest on cash reserve ratio deposits.
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