SBI's Deputy MD & Head of Digital Banking Nitin Chugh Relieved as Contract Concludes

Mumbai, March 2, 2026: State Bank of India (SBI) has announced a change in its senior management, informing the stock exchanges that Shri Nitin Chugh, Deputy Managing Director & Head (Digital Banking & Transformation), has been relieved from his role with effect from March 2, 2026.

In a regulatory filing made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, SBI stated that Mr. Chugh’s contract period with the bank was set to conclude on March 3, 2026. However, since March 3 is a public holiday, he was officially relieved from his duties at the close of business hours on March 2, 2026.

The filing was submitted to both BSE Limited and National Stock Exchange of India Limited, where the bank’s shares are listed (Scrip Codes: 500112 on BSE and SBIN on NSE).

This change is part of routine management transition as Mr. Chugh’s contractual tenure reached its scheduled end. SBI did not disclose any immediate successor or replacement for his position in the filing.

Mr. Chugh, who has led SBI’s digital banking and transformation initiatives, played a central role in driving digital strategy at India’s largest public sector bank, including efforts to expand digital banking services, enhance customer experience through technology, and support the bank’s broader transformation agenda.

The bank’s communication regarding this change was signed by Shima Devi, AGM (Company Secretary) of SBI.