New Delhi: A series of top-level promotions last week has ended the suspense over allocation of new portfolios at State Bank of India. In one of the biggest human resource (HR) rejigs in recent years, India’s largest lender has promoted eight top officials as deputy managing directors (DMDs) and 21 as chief general mangers (CGMs).
The internal promotions fills a vacuum created at the bank’s top-deck after the government, in September last year, appointed 10 senior executives from SBI as managing directors and chief executive officers in other state-owned banks. Half of them were DMDs at the bank.
In the latest promotions made under the leadership of Chairman Rajnish Kumar, the lender has offered prominent new po-rtfolios to Sanjiv Chadha (MD & CEO, SBI Capital Markets), Hare Krishna Jena (Global Markets) and Soma Sankara Prasad (Compliance), among others, in the DMD category.
Similarly, the bank has given specific charges to 18 of its newly promoted CGMs and three GMs on deputation, who have also been promoted as CGMs.
Chadha was learnt to have posted earlier in London and has taken charge at SBI Caps more than a month ago.
“The bank interviewed 27 candidates for DMD positions on April 20, while GMs appeared for interviews for selection as CGMs last Monday and Tuesday. All the promoted DMDs as well as CGMs have been given the portfolios in their respective segments/divisions in the bank,” , a top source in SBI told Financial Chronicle.
Apart from Chadha, Jena and Prasad,. the other DMDs are Keshav Kumar Thekepat (Commercial Clients Group), Ashwani Bhatia (MD & CEO, SBI Funds Management), Sandeep Tewari (Internal Audit Department), Alok Kumar Choudhary (Corporate Development Officer) and Janakiraman Swaminathan (Strategy and Chief Digital Officer), the source said, adding that Ashwani Bhatia had joined SBI Funds Manage-ment way back in July last year, but has been working as MD & CEO of the company from September 1.
The 21 CGMs include Om Prakash Mishra (Hyder-abad), Deepak Kumar Lulla (Mumbai Metro), Mahesh Deepachand Goel (Patna), Venkatesh Bharadwaj (Operations & Business Support, Corp-orate Client Group, Corporate Centre), Mri-gendra Lal Das (Thiruvananthapuram), Sanjay Srivastava (Credit Policy & Procedures Deptt, Corporate Centre) and Sandeep Pandurang Ubale (Financial Reporting & Taxation).
After making internal promotions, SBI has sought to expand business faster after years of bleak earnings with piles of bad loans. Lately, it returned to profits after provisioning for bad loans had dragged it into losses in the earlier quarters.
The lender reported a net profit of Rs 3,955 crore for the December quarter against a loss of Rs 2,416.34 crore in the year-ago quarter....