The Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi appointed Ashwani Bhatia, Deputy Managing Director (DMD), State Bank of India (SBI) as the Managing Director (MD) of SBI, effective from his date of assumption upto the date of his superannuation(May 31, 2022) or until further orders, whichever is earlier. He succeeds PK Gupta, who superannuated on March 31, 2020.
- Ashwani Bhatia is currently serving as MD and Chief Executive Officer(CEO) at SBI Mutual Fund.
Key Info
i.Banks Board Bureau (BBB), headed by BP Sharma, former Department of Personnel and Training Secretary, recommended Ashwani Bhatia for the position.
ii.Ashwani Bhatia will be the 4th MD of SBI. At present there are 3 other MDs at the bank namely, Arijit Basu, Dinesh Khara and C S Setti.
About Ashwani Bhatia
He started his career as a Probationary Officer(PO) in 1985 and has been with the SBI since then,(i.e, he has been with SBI for over 33 years) and held important positions like:
- President , Chief Operating Officer and Whole time director at SBI Capital Market Ltd; Chief General Manager (SME) at SBI.
About PK Gupta
He joined SBI in the year 1982 and had been a part of very important assignments in the bank and abroad, some of which are as follows:
- MD & CEO, SBI Capital Markets Ltd., the merchant banking subsidiary of SBI.
- Deputy Managing Director and Chief Financial Officer of the Bank.
- Chief General Manager (Global Markets) responsible for the entire treasury functions of the Bank( in India and abroad).
Recent Related News:
i.Shrikant Madhav(S M) Vaidya assumed charge as the chairman of Indian Oil Corporation(IOC). He succeeds Sanjiv Singh who has superannuated.
ii.The Cholamandalam MS General Insurance Company promoted V Suryanarayanan, President and COO of the company as the New Managing Director (MD) with effect from 1st July 2020 succeeding SS Gopalarathnam.
About BBB:
It was constituted in 2016 to make recommendations for the appointment of whole-time directors and non-executive chairpersons of nationalised banks.
About SBI:
Headquarters– Mumbai, Maharashtra
Chairman– Rajnish Kumar
Tagline– The banker to every Indian; With you all the way; A bank of the common man; Pure banking, nothing else; The nation banks on us.
