BBB recommends Ashwini Bhatia for the position of SBI MD

NEW DELHI: The Banks Board Bureau (BBB) Saturday recommended names of Ashwini Bhatia. M V Rao and P P Sengupta to the position of CEO of three state-owned lenders – State Bank of India, The Central Bank of India and the Indian Overseas Bank respectively. Bhatia is currently serving as Deputy Chief Executive Officer (DMD) at SBI, while Rao is the CEO of Canara Bank.

Bureau members were joined by 20 candidates from nationalized banks on May 30 for the post of CEO of State Bank of India and the post of MD and CEO of Indian Overseas Bank and Central Bank of India, an official statement said.

Bhatia will be appointed instead of P K Gupta, who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra, who will retire in February next year.

Sengupta, currently DMD SBI, is replacing Indian Overseas Bank CEO and CEO Karnam Sekar, who is retiring on June 30.

With this exercise, the government has completed the process of appointing the head of PSU banks for the current fiscal policy.

The decision on the appointment will be made by the Cabinet nomination committee chaired by Prime Minister Narendra Modi.

BBB, the headhunter for state-owned banks and financial institutions, is headed by former staff and education secretary B P Sharma.

In 2016, the Prime Minister approved the establishment of the BBB as a body of prominent professionals and officials to make recommendations for the appointment of full-time directors and non-executive chairmen of public banks (PSB).

The task was also assigned to work with the Board of Directors of all PSBs to formulate appropriate strategies for their growth and development.

In addition, it was asked to design strategy discussion on consolidation based on requirements. The government wanted to encourage bank boards to restructure their business strategy and also suggest ways for their consolidation and merger with other banks.

Source link