State Bank of India, which accounts for a quarter of India’s loan market, has recently promoted eight of its current chief general managers to the position of deputy managing directors. The new appointees will be replacing the incumbents who are scheduled to retire this financial year.
The public sector lender selected eight CGMs for the promotion from 23 candidates who had interviewed for this position. Further, around 12 general managers within State Bank of India were elevated to the position of chief general managers.
The newly appointed deputy managing directors of SBI are Keshav Kumar Thekepat, Sanjiv Chadha, Ashwani Bhatia, Hare Krishna Jena, Alok Kumar Choudhary, Soma Sankar Prasad, Sandeep Tiwari, and J. Swaminathan. Currently, the public sector lender has about 12 deputy managing directors in total, who look after various segments such as retail, international, risk, corporates, IT, operations, HR, audit, large corporates, and stressed assets.
A key reason why the lender has made promotions ahead of the actual retirement dates of the incumbents is because a new HR policy was implemented, under which SBI is required to start the promotion process at the commencement of the new fiscal. The lender has also started the process of selecting two candidates for each open position, given that the Government of India frequently selects employees from SBI to head other banks.
In the last financial year, the Government of India appointed 5 of State Bank of India’s deputy managing directors as chief executive officers in other nationalised banks.
Source: The Times of India, The Economic Times