Former SBI chairman Rajnish Kumar joins Baring as adviser

MUMBAI: Rajnish Kumar, former chairman of , has taken up an advisory function with Baring Non-public Fairness Companions India 4 months after his retirement from the nation’s largest lender.

“Sure, I’ve joined Baring India,” Kumar informed ET. “It’s an advisory function, I can’t be on the board.” He didn’t elaborate on his probably function on the PE agency. Individuals conversant in the event mentioned Kumar will advise Baring on investments in India and Southeast Asia.

He follows the footsteps of Aditya Puri, former managing director of HDFC Financial institution, who not too long ago joined international funding agency the Carlyle group as a senior advisor to information them on Asia investments.

Baring Non-public Fairness (Asia), one of many largest international various funding companies, and its present credit score funds have made 21 investments throughout mid-sized corporations and deployed round $310 million. Baring, recognized for its big-ticket buyouts, manages round $21 billion throughout Asia.

Kumar, who comes with a wealthy expertise of 40 years, is predicted to advise the Baring staff on scouting portfolio investments and sure alternatives, and assist enhance companies at portfolio corporations.

Kumar, who retired from SBI in October final 12 months, is credited to have made the lender rather more resilient to soak up asset high quality shocks, accomplished the mega merger of seven banks with SBI, and made the general public sector lender an all-rounded digitally savvy financial institution.

Beneath Rajnish Kumar, SBI’s dangerous loans improved by a 3rd with gross dangerous loans at Rs 1.29 lakh crore within the first quarter of the present monetary 12 months in opposition to Rs 1.86 lakh crore within the second quarter of the fiscal 12 months 2018. Throughout the identical interval, the financial institution’s gross non-performing asset ratio improved to five.44% from 9.97%.

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