Nine executives from SBI, arms in race to become Bank MD

economictimes.indiatimes.com:

State Bank of India (SBI) group are in the race to be elevated as managing director of the country’s largest bank, people familiar with the process said. The post fell vacant after former MD Swaminathan Janakiraman took over as deputy governor of the Reserve Bank of India (RBI) on June 26.

SBI has four managing directors, each of whom handle different departments and are also part of the board of directors “To be eligible, existing deputy managing directors (DMDs) in the bank have to complete at least three years as chief general manager (CGM) and DMD combined. They also must have at least two years as residual service as on the date of vacancy,” a person aware of the process said.

“Taking these two parameters, there are nine executives from inside bank and its subsidiaries that make the cut. These executives have finished their initial assessment and given their consent to be considered for the MD post in the bank,” the person said.

These executives include Vinay Tonse, DMD corporate accounts group (CAG) which banks large corporate clients; Saloni Narayan, DMD, finance who is in charge of budgeting, capital planning, financial reporting, investor relations, and secretarial compliance; Rana Ashutosh Kumar Singh, DMD, transaction banking and new initiatives; Ruma Dey, DMD and group compliance officer; and Amitava Chatterjee, DMD, commercial clients group, which looks after accounts less than Rs 500 crore. Four others who also make the cut are presently posted with the bank’s subsidiaries.

They are Rama Mohan Rao Amara, CEO of the bank’s credit card subsidiary SBI Card; Kishore Kumar Poludasu, CEO of SBI General Insurance; Shamsher Singh, CEO of SBI Funds Management; and Deepak Kumar Lalla, CEO of SBI Cap Securities. An