The central government has appointed Alok Kumar Choudhary as the managing director of India’s largest public sector bank, State Bank of India, a report said on Tuesday, June 7. Choudhary will remain in the post for two years from now, that is, till the time of his retirement. This comes months after the Banks Board Bureau (BBB) on Wednesday recommended the name of Alok Kumar Choudhary for the post of managing director of State Bank of India in March.
Choudhary replaces former SBI MD Ashwani Bhatia who took charge as a whole time member of the Securities and Exchange Board of India days ago. Alok Kumar Choudhary currently serves as the deputy managing director of SBI, and will be promoted to the role of the managing director with the government’s approval to the appointment.
“The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Alok Kumar Choudhary, Deputy Managing Director (DMD), State Bank of India (SBI) as Managing Director (MD) in SBI with effect from the date of assumption of office and up to the date of his superannuation (i.e. 30. 06.2024), or until further orders, whichever is earlier,” said a notification on Monday.
As the SBI MD, Choudhary will look after the corporate banking and information technology sectors of the lender. Previously, he was in charge of the finance portfolio at SBI.
In March, the Banks Board Bureau, which is the headhunter for directors of state-owned banks and financial institutions, also recommended A Manimekhalai, Ajay Kumar Srivastava and Swaroop Kumar Saha for MD position of Union Bank of India, Indian Overseas Bank and Punjab & Sind Bank, respectively.
The Bureau interviewed 21 candidates and based on their performance selected Alok Kumar Choudhary for the position of managing director of SBI, it had said in a statement. The final decision on Choudhary’s appointment was taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.
According to the SBI website, Choudhary started his career with SBI as a Probationary Officer of 1987 batch. “During his 32 years of service with the Bank, he has served in various geographical locations. Some of his previous assignments include GM, Network 1, Ahmedabad, DGM Business & Operations Delhi and DGM & CDO, LHO North East Circle. Prior to his current appointment as Deputy Managing Director (HR) and Corporate Development Officer, he was the Chief General Manager, Delhi Circle,” it says.
With the latest appointment, SBI will now have four MDs under the lender’s chairman Dinesh Khara. Apart from Choudhary, the other four SBI MDs include — Swaminathan Janakiraman, MD in charge of stressed assets, risk and compliance; CS Setty, MD in charge of retail banking; and Ashwini Kumar Tewari, MD in charge of international banking. SBI reported a 41.2 per cent jump in its net profit to Rs 9,113.53 crore for the March 2022 quarter, compared with Rs 6,450.75 crore in the year-ago period. Its net interest income (NII) during January-March 2022 rose 15.26 per cent to Rs 31,198 crore, against Rs 27,067 crore in the year-ago period.
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