Rejig of SBI's top management in works

The State Bank of India, the country's largest bank, is set to get a new-look top management with the government starting the process to find a replacement to Om Prakash Bhatt, who is due to retire as chairman in March. In addition, three new managing directors will be appointed over the next few months.

Earlier, SBI could at best get two managing directors. However, after an amendment to the law governing the public sector lender, four managing directors can be appointed.

At present, R Sridharan is the only managing director after S K Bhattacharya retired in October.
While Hemant Contractor, deputy managing director (DMD) in charge 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 DMDs who have at least two years of residual service and have adequate experience as deputy managing directors would be considered for the chairman's post.

Sources said the finance minister has already asked that the process be expedited and a selection committee comprising finance ministry and RBI officials, besides external experts, would soon evaluate the candidates.

Bhatt is one of the longest serving SBI chairmen and is credited with reinvigorating the public sector lender.