Arijit Basu on Monday took charge as the managing director of State Bank of India. Notably, B Sriram had resigned from the bank as the MD after his appointment as chief executive of IDBI Bank. \u201cShri Basu as Managing Director, will handle the areas of Commercial Credit and IT and will also hold additional charge of Stressed Assets Resolution Group. Prior to this role, Shri. Basu was designated as Deputy Managing Director (DMD) in the bank,\u201d SBI said in a press release. Earlier last week, the government had appointed Arijit Basu as managing director of the country\u2019s largest lender State Bank of India. Notably, after this, the SBI will have four managing directors. According to a statement, the government has appointed Basu as managing director with effect from the date of taking over charge till his superannuation in October 2020. \u201cA graduate in Economics and a Master of Arts in History, Shri. Basu started his career with the bank almost 35 years ago as a probationary officer. He is also a Certified Associate of the Indian Institute of Bankers,\u201d SBI said in the release. Basu has held several key positions in various circles of SBI including the bank\u2019s office at Tokyo. Notably, Basu had also served as the MD & CEO of SBI Life Insurance Company from August 2014 to March 2018. The company also came out with a public offer within his role at the helm. Further, Basu held several key assignments in SBI which includes Chief General Manager of Delhi Circle. He has also worked in various verticals of the Bank including Corporate Banking, International Banking, Retail Banking and HR and was also part of Business Process Reengineering (BPR) initiative undertaken by the Bank, said the release.