Mumbai/Kolkata: In one of the biggest staff overhaul, the State Bank of India (SBI) has promoted eight executives in the public sector bank (PSB) to deputy managing directors (DMD) and is in the process of identifying 15 executives who would fill vacant positions as chief general managers, sources aware of the development said.
“Some DMD positions have fallen vacant as some executives have moved to other banks while others are set to retire in the course of the next few months,” a source was quoted by The Economic Times as saying.
Who are the new DMDs?
Those who have been elevated as DMDs include Soma Shankara Prasad, Keshav Kumar T, Ashwani Bhatia, Hare Krishna Jena, Sandeep Tewari, Alok Kumar Choudhary, Janakiraman Swaminathan and Sanjiv Chadha, sources said. Their appointments, however, have not been confirmed officially yet.
According to sources, SBI interviewed 27 candidates for DMD positions last week, while general managers appeared for interviews for selection as chief general managers this Monday and Tuesday.
Interviews are going on for positions of general managers and deputy general managers.
SBI has upgraded its internal promotion process
“It has digitised annual appraisals since last year,” a source said. Now, the bank follows the digital mode for four-fifths of SBI’s yearly promotions and appraisals. The appraisal process was upgraded by SBI to sync it with the PSB’s plan to expand the business after years of bleak earnings after being stung by a pile of bad loans.
SBI posted a net profit of Rs 3,955 crore for the quarter ended December 31 against a loss of Rs 2,416.34 crore in the corresponding quarter last year.
(PSU Watch- India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)