SBI Share Price in Focus; Announces Change in Senior Management: Nitin Chugh Relieved from Duties

The State Bank of India (SBI) has announced a change in its senior management. Nitin Chugh, who served as Deputy Managing Director and Head of Digital Banking & Transformation, has been relieved from his duties as his contract concludes on March 3, 2026.  

This decision was made effective on March 2, 2026, due to a public holiday on the following day. 

Details of the Management Change 

SBI has officially communicated this change under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Nitin Chugh's contract period was set to conclude on March 3, 2026.  

However, given that this date is a public holiday, his departure from the bank was finalised at the close of business hours on March 2, 2026. 

Impact on SBI's Digital Banking & Transformation 

Nitin Chugh has been a key figure in SBI's digital banking and transformation initiatives. His leadership in these areas has been instrumental in advancing the bank's digital capabilities. 

With his departure, SBI will be looking to continue its focus on digital innovation and transformation, ensuring that the momentum in these critical areas is maintained. 

Read More: RBI Approves SBI Mutual Fund to Acquire Up To 10% Stake in RBL Bank! 

Regulatory Compliance and Communication 

The announcement was made in compliance with the SEBI (LODR) Regulations, 2015, which mandate timely disclosure of significant events.  

SBI has ensured transparency in its communication by informing both the BSE Limited and the National Stock Exchange of India Limited about this change in senior management. 

State Bank of India Share Price Performance  

As of March 04, 2026, at 12:07 PM, State Bank of India share price on NSE was trading at ₹1,158.60 down by 2.63% from the previous closing price. 

Conclusion 

The conclusion of Nitin Chugh's term as Deputy Managing Director at SBI marks a significant change in the bank's senior management. While his contributions to SBI's digital banking initiatives have been noteworthy, the bank is expected to continue its focus on digital transformation under new leadership. 

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