State Bank of India appoints Shri Sanjay Lohiya as Director

State Bank of India has appointed Shri Sanjay Lohiya as a Director on its Central Board of Directors effective June 11, 2026. The appointment was made under Section 19 (e) of the State Bank of India Act, 1955, following a Government of India notification. This leadership change strengthens the bank's governance structure as it continues its operations across the financial sector.

The appointment was disclosed to the stock exchanges in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015. The bank confirmed that Shri Sanjay Lohiya is not debarred from holding the position of director by virtue of any SEBI order or any other authority. Additionally, the disclosure confirmed that the new appointee is not related to any of the existing directors on the Central Board of State Bank of India.

The term of the appointment is governed by the Government of India notification eF. No. 6/2(ii)/2022-BO.I dated June 11, 2026. The notification outlines the specific duration and conditions under which the director will serve on the board.

Details of Appointment

The following table outlines the key details regarding the new director's appointment:

Particulars	Details
Name of Director	Shri Sanjay Lohiya
Date of Appointment	11 June 2026
Term of Appointment	As per GoI notification eF. No. 6/2(ii)/2022-BO.I dated 11.06.2026
Disclosure of relationships	Not related to any of the Directors on the Central Board of State Bank of India
Regulatory Status	Not debarred from holding the office by virtue of any SEBI order or any other authority

The filing was submitted by Aruna N. Dak, DGM (Compliance & Company Secretary), on behalf of State Bank of India.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.73%	+3.44%	+10.19%	+5.89%	+30.71%	+150.69%

State Bank of India has received a reiterated Buy recommendation from global brokerage firm Jefferies, which has set a target price of ₹1,300 on the stock. The brokerage's constructive stance is underpinned by a combination of operational tailwinds and favorable financial metrics that it believes position the bank well for sustained performance.

Key Investment Rationale

Jefferies outlines several drivers supporting its positive outlook on State Bank of India. The brokerage points to corporate loan repricing as a key factor supporting net interest margins (NIMs), alongside improving deposit productivity that is expected to enhance the bank's funding efficiency. Additionally, lower Priority Sector Lending Certificate (PSLC) requirements are seen as a cost-reduction lever, while strong bancassurance fee income adds a meaningful non-interest revenue stream.

The following table summarizes the key parameters highlighted by Jefferies in its assessment:

Parameter:	Details
Rating:	Buy
Target Price:	₹1,300
Expected Loan CAGR:	13%
Expected ROE:	14%
Valuation:	1.4x FY27 Adjusted P/B
Key Positives:	Corporate loan repricing, improving deposit productivity, lower PSLC needs, strong banca-fee income
Key Risk:	ECL transition risk

Valuation and Risk Considerations

Jefferies considers the current valuation of State Bank of India reasonable at 1.4x FY27 adjusted price-to-book (P/B), supported by the bank's projected 13% loan compound annual growth rate and an expected return on equity of 14%. The brokerage also notes that limited buffer provisions contribute to a cleaner balance sheet outlook. However, Jefferies acknowledges that the transition to the Expected Credit Loss (ECL) accounting framework presents a degree of risk that investors should monitor, though this does not alter its overall positive stance on the stock.