For the second time in a month, State Bank of India (SBI) has shuffled both top and mid-level management by appointing Arundhati Bhattacharya as new CFO and DM and promoting seven of its CGMs as deputy MDs.
Late last month, the bank, which will have a new chairman by September-end unless the government sets a precedent by giving an extension to Pratip Chaudhuri, had elevated Bhattacharya as the managing director and chief financial officer and had also moved deputy managing director (DMD) P Pradeep Kumar to the large corporate group.
Prior to her elevation, Bhattacharya was the MD and chief executive of SBI Caps, the capital markets arm of the nation's largest lender.
The seven CGMs elevated as deputy MDs are VG Kannan, Jeevandas Narayan, N Jambunathan, Krishna Machari, SA Ramesh Rangan, Praveen Kumar Malhotra and Jibendu Narayan Misra, SBI sources told PTI.
SBI top deck comprises the chairman, four MDs, around 12 deputy MDs and over 35 CGMs. Prior to the elevation, Kannan was president and chief operating officer at SBI Caps Misra was chief general manager (Maharashtra & Goa circle) and PK Malhotra was chief general manager for project finance.
Kumar's new posting came following the vacancy created by the resignation of Santosh B Nayar, who joined the state-run infra lender IFCI as MD and CEO in mid-July.
The selection process for promoting more general managers as CGMs are underway, the source added.
The elevation of Bhattacharya, who is a front-runner for the top post as age is on her side-SBI has a rule that stipulates that the chairman should have a minimum two-year tenure, and none of the other MDs meet this criterion, comes following the retirement of Diwakar Gupta, who was the CFO and MD last month.