The Appointments Committee of the Cabinet has approved the appointment of Kumar for a period of three years from October 7, reported an order issued by the Department of Personnel and Training (DoPT).
One of the frontrunners for the top job at SBI, Kumar was serving as one of the four managing directors with the bank.
Bhattacharya, who joined in 2013, was awarded a one-year extension to the typical three-year term.
She was the first woman to lead the bank, climbing up its ranks after joining in 1977. Kumar will take over the services from October 7. (ANI)