Rana AK Singh takes over as MD of SBI

13 Aug 2024 , 02:12 PM

Rana Ashutosh Kumar Singh has taken over as managing director in charge of State Bank of India’s (SBI) risk compliance and stressed assets resolution group (SARG) departments, following his nomination by the government last week.

Gajendra Singh Rana, the former chief general manager of the Mumbai circle, has succeeded Singh as the nation’s largest lender’s deputy managing director (DMD) retail and real estate, according to persons acquainted with the moves. 

Last Wednesday, the Appointments Committee of the Cabinet (ACC) endorsed CS Setty’s appointment as SBI Chairman for a three-year term after current chairman Dinesh Khara departs on August 28. The ACC also authorised Singh’s advancement to the position of MD. Singh’s term currently runs until his retirement on June 30, 2027.

With Setty taking over as SBI chairman at the end of the month, the Financial Services Institutions Bureau (FSIB), the nodal body for executive appointments at government-owned banks and non-banks, is expected to conduct interviews for SBI’s fourth MD position later this month, according to sources.

Amara Ramamohan Rao, the bank’s top risk officer, is the front-runner to become the new MD because he is the most senior DMD now serving in the bank, according to these sources.

At around 1.15 PM, State Bank of India was trading 0.34% lower at ₹809.80, against the previous close of ₹812.60 on NSE. The counter touched an intraday high and low of ₹820, and ₹806.40, respectively. 

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