State Bank of India Relieves Nitin Chugh as Deputy Managing Director

State Bank of India (SBI), India’s largest lender, has confirmed that Nitin Chugh has been relieved of his responsibilities as Deputy Managing Director (DMD). Chugh, who joined SBI in 2022, played a pivotal role in spearheading digital banking and transformation projects, strengthening the bank’s technology-driven services.

Prior to SBI, Chugh served as MD & CEO of Ujjivan Small Finance Bank and held senior leadership roles at HDFC Bank, where he was instrumental in scaling digital banking operations. His tenure at SBI was marked by initiatives aimed at enhancing customer experience, expanding digital adoption, and integrating advanced fintech solutions.

The move signals a leadership transition at SBI, with the bank expected to continue its focus on digital transformation under new leadership.

Key Highlights

• Executive Change: Nitin Chugh relieved as Deputy Managing Director
• Role at SBI: Headed digital banking and transformation initiatives
• Career Background: Former MD & CEO of Ujjivan Small Finance Bank; senior roles at HDFC Bank
• Strategic Impact: Leadership restructuring to sustain digital growth momentum
• Industry Context: SBI continues to prioritize technology-driven banking services

This development reflects SBI’s evolving leadership strategy as it navigates India’s fast-changing digital banking landscape.

Sources: BW Businessworld, MarketScreener, The Official Board