SBI: Diwakar Gupta to be named for MD
Diwakar Gupta is set to be appointed one of the managing directors of State Bank of India, the country’s largest bank, though there is no clarity on whom the other two MDs would be.
Sources told TOI that the department of personnel and training has cleared his appointment and a formal notification is pending with the finance ministry. Gupta is currently a deputy managing director and group executive, national banking. Two other deputy managing directors- Hemant Contractor, who is the CFO, and Pratip Chaudhuri, in-charge of international banking-were also recommended for the posts of MD.
The two are also in the reckoning for the post of chairman since O P Bhatt is due to retiring at the end of the month. Gupta until recently headed SBI Cards, SBI credit card joint venture with GE Caps. In fact, he was the first SBI nominee that the credit card arm had in the wake of losses reported by it. Gupta was given a clear mandate to turn around the company and put in place a new strategy that was also linked to the bank’s operations.
He will now join R Sridharan as the second MD. While the bank has traditionally had two managing directors, a recent amendment to the law has made it possible for the government to appoint two more MDs. The second MD’s position has been lying vacant for nearly six months since the retirement of S K Bhattacharya.
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