Nine senior executives within the State Bank of India (SBI) group are currently competing for promotion to the position of managing director at the nation’s largest bank. This vacancy arose when former MD Swaminathan Janakiraman assumed the role of deputy governor at the Reserve Bank of India (RBI) on June 26.
Competing Executives:
SBI has four managing directors, each overseeing distinct departments and serving on the board of directors. The eligibility criteria require existing deputy managing directors (DMDs) within the bank to have completed a minimum of three years as chief general manager (CGM) and DMD combined, in addition to having at least two years of remaining service as of the vacancy date. Out of the initial pool, nine executives have met these requirements and expressed their interest in being considered for the managing director position.
- Vinay Tonse: DMD of the corporate accounts group (CAG), responsible for large corporate clients.
- Saloni Narayan: DMD of finance, overseeing budgeting, capital planning, financial reporting, investor relations, and secretarial compliance.
- Rana Ashutosh Kumar Singh: DMD of transaction banking and new initiatives.
- Ruma Dey: DMD and group compliance officer.
- Amitava Chatterjee: DMD of the commercial clients group, handling accounts under Rs 500 crore.
- Rama Mohan Rao Amara: CEO of SBI Card (credit card subsidiary).
- Kishore Kumar Poludasu: CEO of SBI General Insurance.
- Shamsher Singh: CEO of SBI Funds Management.
- Deepak Kumar Lalla: CEO of SBI Cap Securities.
Repeat Contenders:
Among the nine candidates, Saloni Narayan, Vinay Tonse, Rana Ashutosh, and Amara Ram Mohan have entered the race for the second time, having been interviewed last year when Ashwani Bhatia was selected as whole time director at Sebi. Notably, Tonse was the alternate candidate during Alok Kumar Choudhary’s selection as MD in charge of retail business and operations.
Government Norms and External Candidates:
While current government norms allow the Department of Financial Services (DFS) to consider executive directors (EDs) from other public sector banks who have completed two years in their roles for the MD position, SBI has historically not appointed external executives to this role.
Selection Process:
The DFS will compile a list of both internal and external candidates, who will then be invited for interviews by the Financial Services Institutions Bureau (FSIB), responsible for identifying replacements for prominent government positions. Interviews are expected to take place later this month, with the announcement of the primary and backup candidates likely to occur on the final day of the multi-day interview process. Specific interview dates have yet to be determined.
Prestige of MD Position:
The managing director position at SBI holds significant prestige due to the institution’s vast size and scope. Each MD oversees business and operations that are notably larger than those of most other banks in the country.
Former Deputy Governor’s Role:
Former RBI deputy governor Swaminathan previously served as the MD of corporate banking and subsidiaries at SBI. His responsibilities encompassed overseeing the bank’s corporate and commercial credit businesses, as well as its subsidiary operations.
