SBI rejigs portfolios of MDs; PK Gupta takes charge

Mumbai: State Bank of India (SBI), the nation's largest lender, has rejigged the portfolios of three of its four MDs, after Praveen Kumar Gupta assumed office as the fourth managing director.

Gupta, who took over as managing director on superannuation (on October 31) of P Pradeep Kumar as the group executive for corporate banking group, today confirmed that he will be looking after compliance and risk.

The recently-created portfolio was being looked after by Rajnish Kumar until now.

Gupta will have a tenure until March 31, 2020.

Rajnish Kumar, who assumed charge as MD on May 26, will now be heading the national banking group (NBG), replacing B Sriram.

Sriram will now look after corporate banking group.

However, there is no change in VG Kannan's portfolio as the group executive for associates and subsidiaries.

Six candidates had appeared for the interview for the fourth MD which was held in New Delhi on September 16.

Apart from Gupta, those who had appeared for the interview included Varsha Purandare (DMD & chief credit officer), Dinesh Khara (MD, SBI Mutual Fund), Sunil Srivastava (DMD corporate strategy and new business), Shashi Kumar (DMD, inspection & management audit) and MS Sastry (DMD and chief risk officer).

Among the four MDs, the 1960 born Gupta is the youngest, while Sriram is the seniormost.

Kannan's retirement is due next July. P