Mumbai : State Bank of India (SBI) on Monday announced a senior management change, stating that Nitin Chugh, Deputy Managing Director and Head of Digital Banking & Transformation, has been relieved from his role following the completion of his contractual tenure.
In a regulatory filing submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the bank said that Mr. Chugh’s contract was scheduled to end on March 3, 2026. However, as March 3 is a public holiday, he was officially relieved at the close of business on March 2, 2026.
The disclosure was made to both BSE Limited and National Stock Exchange of India Limited, where SBI’s shares are listed under scrip codes 500112 and SBIN, respectively.
SBI clarified that the move is part of a routine management transition and that Mr. Chugh’s exit follows the natural conclusion of his contract. The bank did not announce an immediate successor to the role in its filing.
During his tenure, Mr. Chugh played a key role in steering SBI’s digital banking and transformation initiatives, contributing to the expansion of digital services, improvement in customer experience through technology, and advancement of the bank’s broader digital strategy.
The regulatory communication was signed by Shima Devi, Assistant General Manager (Company Secretary) of SBI.