State Bank of India's (SBI) chief general manager Madhav M Mehta, who is currently the operational head in Gujarat, has been transferred to its corporate office in Mumbai as chief general manager (CGM) [non performing assets (NPA) management].
SBI sources said that the transfer order is dated May 5 and signed by the chairman Janaki Vallabh.
S K Mukherjee, who is the current CGM in the Mumbai central office, would be replacing Mehta.
As the transfer comes in the aftermath of the bullion scam in which SBI has suffered losses to the tune of Rs 40 crore, it is being perceived as the top management's move to hold the incharge of the Gujarat circle responsible for the lapse.
However, refuting this interpretation and emphasising that this transfer has nothing to do with the bullion scam, SBI sources claimed, "This is just a routine transfer order containing the names of eight other CGMs who have been transferred to different circles all over the country. Normally the tenure of a CGM at any place of posting is one-and-a-half to two years. Therefore, they are transferred within two years. And Mehta has already completed one-and-a-half years in the Ahmedabad circle."
The other officers who are learnt to have been transferred vide the same order dated May 5 are -- Chandigarh circle CGM Prabhakar Sharma who has been transferred to Lucknow circle and Rajendra Kakker is posted in his place.
Similarly R C Sharma, who is currently at SBI's Hyderabad Training College is posted to Chennai circle office as CGM and B Ramachandra Rao from Chennai has been transferred to replace Sharma at the Hyderabad Training College. N Gopalakrishnan, who is currently the Lucknow CGM has been transferred to one of its subsidiaries' Mumbai office.
