The State Bank of India (SBI) has carried out a crucial reshuffle in its top management of the bank and its subsidiaries, in an attempt to boost the efficiency levels.
As per the work format, reshuffling of all four Managing Directors’ has been performed. After Ashwini Kumar Bhatia, MD (Corporate Banking and Global Market), superannuated from SBI on May 31 and took over as the Whole-Time Director at the markets regulator Sebi, Alok Kumar Choudhary, DMD (Finance), had been inducted as the fourth MD of SBI. He has been given the charge of Retail Business & Operations, as per the official sources.
SC Setty, who was responsible for looking at retail business and digital banking till now, has now been made MD (International Banking, Global Markets, and Technology). Ashwini Kumar Tewari, MD(IB, T&S) will now be heading the Risk, Compliance, and stressed Asset Resolution Group. Whereas, J Swaminathan, MD, is now supposed to look after corporate banking (CAG, CCG, and Subsidiaries).
SBI revised by up to 0.2% the marginal cost of fund-based lending rates (MCLR) from June 15, 2022. The one-year benchmark MCLR has been revised upwards to 7.4 per cent from the existing rate of 7.2 per cent. Most of the consumer loans like auto, personal, and home loans are linked to MCLR.
On the contrary, sources say that PC Kandapal, MD and CEO of SBI General, has been posted as DMD(P & RE) at the corporate office of SBI. Saloni Narayan, DMD (RB) has been shifted to DMD (Finance).
Amitabh Chatterjee, who had been working as CGM and heading the Delhi circle of SBI, will now be working as the MD and CEO at SBI Capital Markets, replacing Arun Mehta who is on the verge of retirement. B. Sankar, who was working as CGM (SME) till now, has been elevated to DMD and posted as DMD & COO. Pravin Raghavendra, who was working as CGM (Mumbai Metro Circle) until now, has been promoted to DMD and posted as DMD (Agri, SME and Financial Inclusion). He has replaced S. Salee who has been made Chief Credit Officer.
Paritosh Tripathi, GM (IBG), has been elevated as CGM and recommended for the post of MD & CEO, SBI General Insurance Co Ltd. However, this appointment will need the approval of the insurance regulator IRDAI.