SBI Announces Departure of Nitin Chugh as Deputy Managing Director
Synopsis
In a significant announcement, SBI has confirmed the departure of Nitin Chugh from his role as Deputy Managing Director and Head of Digital Banking & Transformation. The change takes effect on March 2, 2026, coinciding with the conclusion of his contractual tenure.
Key Takeaways
Nitin Chugh relieved from SBI as of March 2, 2026.
His tenure concluded one day early due to a public holiday.
SBI's stock closed at Rs 1189.40 following the announcement.
The bank has not announced a successor for Chugh's role.
Investors have seen positive returns from SBI stock over the year.
Mumbai, March 2 (NationPress) - The State Bank of India (SBI) has officially communicated that Nitin Chugh has been released from his position as the Deputy Managing Director and Head of Digital Banking & Transformation, effective March 2, 2026.
In accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the bank clarified that Chugh's contractual term was set to conclude on March 3, 2026.
However, since March 3 falls on a public holiday, he was officially relieved from his responsibilities at the close of business on March 2.
The bank's announcement stated, "In terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform that the contract period of Nitin Chugh, Deputy Managing Director & Head (Digital Banking & Transformation) is concluding on 03.03.2026; accordingly, he has been relieved from the services of the Bank at the close of business hours on 02.03.2026 (03.03.2026 being a public holiday)."
This information was submitted to BSE Limited and the National Stock Exchange of India Limited, where SBI's shares are traded.
SBI's stock is listed under the code 500112 on BSE and SBIN on NSE. Recently, the shares closed at Rs 1189.40, reflecting a decline of Rs 12.60 or 1.05 percent on BSE.
Over the past week, the stock has decreased by Rs 38.40 or 3.13 percent. In the last two weeks, it fell by Rs 18.50 or 1.53 percent.
Despite these short-term fluctuations, the stock has yielded positive returns for investors over a longer period. On a year-to-date (YTD) basis, shares have appreciated by Rs 204.7 or 20.79 percent.
In the previous three months, the stock surged by Rs 221.65 or 22.9 percent, according to BSE data.
SBI emphasized that this decision was made following the completion of Chugh's contractual tenure. No successor for his role was announced in the filing.
This communication to the stock exchanges was signed by Shima Devi, AGM and Company Secretary of the bank.
Point of View
The announcement of Nitin Chugh's departure from SBI is a noteworthy development in the banking sector. It reflects the bank's ongoing evolution and management strategy, though the lack of a named successor raises questions about future leadership direction.
NationPress
9 May 2026
Frequently Asked Questions
What position did Nitin Chugh hold at SBI?
Nitin Chugh served as the Deputy Managing Director and Head of Digital Banking & Transformation at SBI.
When was Nitin Chugh's departure effective?
His departure was effective from March 2, 2026.
Why was he relieved a day early?
He was relieved a day early because March 3, 2026, is a public holiday.
What impact did this news have on SBI's stock?
Following the announcement, SBI's stock experienced a decline, closing at Rs 1189.40.
Is there a successor announced for Nitin Chugh?
No successor has been announced for Nitin Chugh's position as of now.
