Mumbai: The Financial Services Institutions Bureau (FSIB), the nodal body to select directors and CEOs in public sector financial institutions, has recommended Rana Ashutosh Kumar Singh to take over as managing director (MD) at State Bank of India (SBI) when the position becomes vacant later this year.
Separately, Bank of Maharashtra (BoM) executive director Asheesh Pandey has been recommended to take over as the CEO of Chennai-based Indian Bank, FSIB said on its website.
“FSIB interfaced with 16 candidates on April 23 and 24, 2024 for the position of MD in SBI. Keeping in view their performance in the interface, overall experience and the extant parameters, the bureau recommends Rana Ashutosh Kumar Singh for the position of MD in SBI,” FSIB said.
Singh is currently holding the position of deputy managing director DMD (retail – personal banking & real estate) at SBI. He is the senior-most DMD at the bank having been appointed to the position in 2020. He joined the bank as a probationary officer in August 1991 and has spent 32 years in SBI in various positions at different geographical locations. He was earlier DMD-transaction banking and new initiatives and also was DMD-strategy and chief digital officer, and DMD-HR and corporate development officer.
Singh is likely to replace MD Alok Choudhary who retires on June 30. Choudhary is in charge of risk, compliance and stressed assets group as one of the four managing directors of SBI.
Separately, Pandey will replace Indian Bank CEO SL Jain on September 1 after his three-year term ends on August 31. Pandey is currently executive director at Bank Of Maharashtra and was selected after interviews with 17 candidates, FSIB said.
To be sure, the final decision on the FSIB recommendation would be taken by the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi.
