State Bank of India is set to get a new-look top management with the government starting the process of appointing a replacement for Om Prakash Bhatt, who is due to superannuate as chairman in March. In addition, three new managing directors would be appointed over the next few months.
So far, SBI could at best get two managing directors but following the amendment to the law governing the SBI, four managing directors can be appointed. At present, R Sridharan is the only managing director after S K Bhattacharya’s superannuation in October.
While Hemant Contractor, deputy managing director incharge of corporate banking, and Pratip Chaudhuri, DMD in-charge of international banking, are likely to be appointed as managing directors, it is unclear who the fourth MD would be. Chaudhuri and Contractor would also be contenders for the top job at SBI once Bhatt steps down after a five year term.
Sources privy to the appointment process told TOI that other deputy managing directors who have at least two years of residual service and have adequate experience as deputy managing director would be considered for the chairman’s post.
Unlike other public sector banks, where the government allows those with residual service of one year and nine months to be considered for chairman and managing director , the finance ministry has decided against relaxing the norms in case of SBI.
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