M N Rao, SBI's Chief General Manager (Bhubhaneshwar Circle), is likely to be appointed as the new managing director and chief executive officer of SBI Life Insurance, a source close to the development said.
Rao will succeed U S Roy, the current managing director and CEO who is slated to retire on July 31.
Roy was appointed chief of SBI Life Insurance in February 2007. Prior to this, he was SBI's chief general manager for Bengal Circle.
Rao's appointment is, however, subject to clearance by insurance regulator IRDA, the source said.