Rana Ashutosh Kumar Singh has been appointed as the Managing Director in charge of the Risk Compliance and Stress Assets Resolution Group (SARG) departments at the State Bank of India (SBI). His appointment received government approval last week.
Gajendra Singh Rana Takes Over as Deputy Managing Director of Retail and Real Estate
Gajendra Singh Rana, previously the Chief General Manager of the Mumbai circle, has succeeded Singh as the Deputy Managing Director (DMD) of Retail and Real Estate at SBI. This change reflects the bank’s internal restructuring, though SBI has not yet responded to an email seeking further comments.
Transition Details and Future Appointments
Singh officially took over his new role on Thursday, following the standard government order protocol. He assumes responsibility for the departments previously overseen by former MD Alok Choudhary. It remains at the discretion of the new chairman whether there will be further reshuffles in the MD positions once he takes charge.
Appointment of CS Setty as Chairman and Future MD Position
Last Wednesday, the Appointments Committee of the Cabinet (ACC) approved CS Setty as the new Chairman of SBI for a three-year term, effective after the retirement of current Chairman Dinesh Khara on August 28. Singh’s promotion to MD has also been confirmed by the ACC, with his term extending until his retirement on June 30, 2027.
With Setty set to assume the role of Chairman, the Financial Services Institutions Bureau (FSIB) is expected to announce interviews for the fourth MD position at SBI later this month.
Potential Candidates for the New MD Position
Amara Ramamohan Rao, the Chief Risk Officer of SBI, is currently considered the leading candidate for the new MD role, given his status as the most senior DMD in the bank. Historically, the FSIB has favored senior DMDs for the MD position, and Rao’s seniority positions him as the front-runner under these criteria. Although the FSIB no longer publishes a reserve candidate, recent trends suggest that the senior-most DMD is often selected for the MD position.
