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State Bank of India (SBI) has undertaken a major reshuffle in the top management of the bank and its subsidiaries, in a move aimed at stepping up the efficiency levels.
As part of the exercise, the portfolios of all four Managing Directors have been reshuffled. After Ashwani 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, according to official sources.
SC Setty, who had been looking after the area of retail business & digital banking until now, has been made MD (International Banking, Global Markets & Technology). J Swaminathan, MD, will now be looking after Corporate Banking (CAG & CCG and Subsidiaries). Ashwini Kumar Tewari, MD (IB, T&S) will now be heading Risk, Compliance and Stressed Asset Resolution Group.
It’s learnt that PC Kandapal, who is the MD and CEO of SBI General, has been posted as DMD (P & RE) at the corporate office of SBI. 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 insurance regulator Irdai.
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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. He will be replacing Arun Mehta who is on the verge of retirement. B. Sankar, who was working as CGM (SME) until now, has been elevated as DMD and posted as DMD & COO. Pravin Raghavendra, who was working as CGM (Mumbai Metro Circle) until now, has been promoted as DMD and posted as DMD (Agri, SME and Financial Inclusion). He has replaced S. Salee who has been made Chief Credit Officer.
SBI has also promoted market recruited executives who have been associated with the subsidiaries of the bank for quite some time. DP Singh, the chief business officer at SBI Mutual Fund has been promoted as DMD at the same office.
SBI has also revised by up to 0.2 per cent the marginal cost of fund-based lending rates (MCLR) with effect from June 15, 2022. The benchmark one-year MCLR has been revised upwards to 7.4 per cent from the existing rate of 7.2 per cent. Most of the consumer loans such as auto, home and personal loans are linked to MCLR.
It has hiked RLLR to 7.15 per cent plus credit risk premium (CRP), as against the existing 6.65-per cent plus CRP.
