10 internal candidates in line for SBI MD post

Ten State Bank of India (SBI) officials with deputy managing director (DMD) rank will be interviewed by the Banks Board Bureau (BBB) on Wednesday for the post of the fourth managing director (MD) of the bank, sources told FE. Among those expected to be interviewed include Mrutyunjay Mahapatra (chief information officer), Anshula Kant (chief financial officer), Prashant Kumar (corporate development officer), Pallav Mohapatra (of Stressed Assets Management Group) and Haridas KV (head of retail business in national banking group). On October 7, the day chairman Rajnish Kumar took charge, an order detailing a plan to restructure the top organisational structure of the bank was circulated internally. According to the order, the functions of recovery of non-performing assets (NPAs) and the resolution of stressed assets were to be brought under the control of a whole-time director, who would be known as the MD of the Stressed Assets Resolution Group (SARG). “It has been decided by the competent authority to restructure the top organisational set-up of the bank for effective control and oversight of the enlarged domestic business and operations, post-mergers of associate banks, better synergy and also to impart greater impetus to recovery of NPAs and resolution of stressed assets,” the order stated.

At present, stressed-asset resolution is under the control and supervision of B Sriram, MD for corporate and global banking at SBI. After the restructuring exercise, the post of DMD for stressed assets management group will be re-named as DMD for the stressed assets resolution group and this officer will report to the MD for SARG.

The BBB, functioning since April 1, 2016, is an autonomous recommendatory body with a mandate to make recommendations for top-level appointments at state-owned banks and to help improve their management. The bureau is headed by former Comptroller & Auditor General, Vinod Rai. Its other members are former bankers Anil Khandelwal and HN Sinor, Seema Bahugana, secretary at the department of public enterprises, and former CRISIL MD and CEO Roopa Kudva.

Secretary of financial services, Rajiv Kumar, and Reserve Bank of India deputy governor, NS Vishwanathan, are ex-officio members of the bureau.

State Bank of India