Rule Ease PM opens race for SBI top job to four Managing Directors The Times of India Published on August 30, 2013 New Delhi, August 29: The Prime Minister Manmohan Singh has opened the race for State Bank of India chairman’s job to all four managing directors by relaxing the rules. Given the earlier requirement of at least two years of remaining service to be considered for chairman’s post, only Arundhati Bhattacharya was eligible for the top job at the country’s largest bank. To widen the field, the finance ministry sought an exemption for A Krishna Kumar, another SBI MD. The move comes at a time when the government has decided to give a fixed three-year term to the next SBI chairman, who will take over from Pratip Chaudhuri, who retires in a little over a month. In response to the finance ministry’s demand for considering Krishna Kumar too, sources familiar with the development said that the PM’s office has said that there is no reason why the zone of consideration should be limited to two MDs. Sources said the PM has therefore cleared the relaxation of condition for two years residual service for all three managing directors – Hemant Contractor, S Vishvanathan as well as Krishna Kumar. Contractor and Krishna Kumar, both 59, were also candidates for the chairman’s post two years ago but Chaudhuri moved into the corner office. Contractor handles SBI’s group executive for international banking, while Krishna Kumar is in-charge of national banking group. Vishvanathan is the MD responsible for State Bank subsidiaries, while Bhattacharya is the bank’s CFO. Incidentally, both have had stints with SBI Capital Markets before being appointed MD. The PM’s decision paves the way for the Appointments Board to interview the four MDs and will be among the first few decisions to be taken by Raghuram Rajan once he takes charges as RBI governor next week. The board is headed by the RBI governor and based on its recommendations, the Appointments Committee of Cabinet will take the final decision. Who will move into corner office? Hemant Contractor (59) A 1974 recruit, he is currently MD & Group Executive for international banking. Was CFO and also incharge of corporate banking earlier A Krishna Kumar (59) MD & Group Executive of National Banking since April 2011. Joined the bank in 1975 and handled IT and mid-corporate group earlier S Vishvanathan (58) He is the MD dealing with SBI subsidiaries. He joined the bank in 1976 and was SBI Caps MD & CEO Arundhati Bhattacharya (57) Currently MD & CFO, joined in 1977, and is first woman to rise to this level. Was CEO & MD of SBI Caps, also in-charge of HR From E-Group, Banking-News
Posted on: Fri, 30 Aug 2013 06:35:27 +0000
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