In a move to rejig the succession plan in the top management, country’s largest lender State Bank of India (SBI) has cleared the names of seven senior executives for the key post of Deputy Managing Director (DMD) ahead of the possible merger with its associate banks.
A highly-placed source in the SBI told The Pioneer that seven Chief General Managers (CGMs) of the SBI out of 17 who were in the race, were picked up for the post of DMDs. Three DMDs were inducted in their respective positions on June 1 and the rest four will take charge shortly.
“Prashant Kumar (Kolkata Circle) was appointed as Chief Operating Officer or COO (equivalent to DMD) in SBI’s corporate office in Mumbai and he would work as retail head, replacing NK Chari. While DMD Badal Chandra Das (Kerala Circle) took charge as head of audit and management inspection in SBI’s Hyderabad office, and Venkat Nageswar who has been elevated as DMD took charge of SBI Global Market. Das replaced CR Shasikumar, who has been appointed as MD of State Bank of Travancore. As SBI has already intimated all promoted ones individually, the rest four would take charge in their respective positions in a week or so,” the sources added.
The move comes at a time when the top lender is in the process of resolving the human resource problem the bank has been facing for a long time due to shortage of staff, especially in the executive level. last month, the bank had given in-principle approval for the merger plan and sought the Government nod to absorb its associate banks.
It is also expected that some of the selected executives could eventually be in the reckoning for the posts of MD and Chairman in the coming years.
According to the sources, besides Kumar, Das and Nageswar, other four DMDs promoted are Anuradha Rao (Personal Banking Business), Pallav Mohapatra (New Delhi Circle), Neeraj Vyas (Associates & Subsidiaries) and Padmaja Chunduri. “One Hari Das has been promoted from SBI’s Associates quota and he may be appointed as MD of an existing SBI associate. The decision has to be taken by the SBI boss Arundhati Bhattacharya soon,” it said.
In fact, 14 CGMs of SBI appeared for the interview for the post of DMD, which was held in Mumbai office late last month. Apart from the 14 CGMs of the parent bank, three CGMs, who are currently heading the associate banks of the SBI Group, were also interviewed. There were around seven positions of DMDs to be filled up at the bank during the current financial year. The DMD aspirants were interviewed by a panel headed by SBI Chief Bhattacharya.
As the Finance Ministry has been making its effort to resolve human resource (HR) crisis in almost all public sector banks, including SBI, some of the top posts of SBI are expected to be filled up this year. Even SBI Chairman Arundhati Bhattacharya, who got a three-year term, is due to retire in September, whereas VG Kannan, MD of the bank, will retire this month.
Though the other three MDs --- B Sriram, Rajnish Kumar and PK Gupta --- are still on the job, the Government is yet to make any decision on appointing a successor to Bhattacharya. However, MG Vaidyan, DMD, and head of the Stressed Assets Management Group, is due to retire in August, whereas Chief Development Officer RN Behera will be hanging up his boots in October. State Bank of Travancore MD Jeevan Das Narain and State Bank of Mysore MD Sharad Sharma --- in the DMD rank --- have already retired so far.
