Mumbai: Country's largest lender State Bank of India has elevated five of its chief general managers (CGMs) to the post of deputy managing directors (DMDs), according to a source at the bank.
Two of the five newly-appointed DMDs have already been given new assignments.
On the directions of the Reserve Bank, the bank has split the post of chief risk and credit officer into two separate posts which include chief risk officer and chief credit officer, the source told PTI.
MS Shastri, who has so far been looking after risk management, has taken over as chief risk officer (CRO), while Varsha Purandare, who was holding the post of chief risk and credit officer, will now on act as the chief credit officer only, the source added.
Mrityunjay Mohapatra has been appointed as the chief information officer to look after the IT department located at Belapur in New Mumbai. The post was lying vacant since N Jambunathan retired from on March 31.
The post of the CRO and CIO are also DMD level appointments.
Karnam Sekar, who is heading the UP circle as CGM, has been promoted as a DMD and is waiting for the new assignment.
The two other newly-appointed DMDs who are yet to be given assignments are Shashi Kumar (CGM, Hyderabad) and Manju Agrawal (CGM, agri business) at corporate office, the source added.
The SBI management consists of the chairman Arundhati Bhattacharya, four managing directors and group executives-- P Pradeep Kumar (large corporates) B Sriram (national banking), VG Kannan (associates and subsidiaries). The fourth post of the MD is vacant.
The next level of the management consists of 22 deputy managing directors. All these posts are filled as of now; and 48 chief general managers (CGMs).
SBI is the only state-run bank which has an executive chairman.
