SBI and subsidiaries reshuffle top management to improve efficiency

SBI has promoted market-recruited executives who have been associated with the bank's subsidiaries for some time

To step up efficiency levels, the State Bank of India (SBI) has reshuffled the bank's top management and its subsidiaries, a media report said on Thursday.

 

According to the Indian Express report, the portfolios of all four MDs have been reshuffled.

 

Alok Kumar Choudhary, DMD (Finance), had been inducted as SBI's fourth MD. The report said he now has the charge of Retail Business & Operations.

 

SC Setty has been made MD (International Banking, Global Markets & Technology). J Swaminathan, MD, will now be looking after Corporate Banking (CAG & CCG and Subsidiaries). Ashwini Kumar Tewari, MD (IB, T&S), will now be heading the Risk, Compliance and Stressed Asset Resolution Group.

 

Amitabh Chatterjee, who had been working as CGM and heading the Delhi circle of SBI, will now be working as the MD and CEO at SBI Capital Markets.

 

SBI has also promoted market recruited executives who have been associated with the subsidiaries of the bank for quite some time, the report added.

 

On Wednesday, SBI had revised by up to 0.2 per cent the marginal cost of fund-based lending rates (MCLR) with effect from June 15, 2022. The benchmark one-year MCLR has been revised upwards to 7.4 per cent from the current rate of 7.2 per cent.

 

SBI's overnight, one-month and three-month MCLR now stand revised to 7.05 per cent from 6.85 per cent earlier, according to its website.

 

For deposits of 211 days to less than one year, the lender will offer an interest rate of 4.60 per cent, as against 4.40 per cent earlier.

 

Likewise, for domestic term deposits of 1 year to less than two years, customers can earn an interest of 5.30 per cent, up by 0.20 per cent.