SBI reshuffles top brass portfolios

A week after taking over as Chairman of State Bank of India (SBI), Om Prakash Bhatt has reshuffled the portfolios of the top brass of the country's largest commercial bank.

The portfolios of almost all deputy managing directors except for DMD and corporate development officer (CDO) Abhijit Datta and DMD, inspection and audit, PK Mitra, have been changed.

DMD and chief financial officer (CFO) Ashwini Kumar Sharma has been made DMD, information technology (IT). MM Lateef, who was heading SBI-Discount and Finance House of India (SBI-DFHI), State Bank's primary dealer arm, has stepped into Sharma's shoes.

Similarly, Bharati Rao, DMD in charge of international banking, has been made DMD and chief corporate officer (CCO). Former CCO SK Hariharan will now head the bank's international operations as DMD.

PP Pattanaik, who was heading the bank's IT forays as a DMD, is likely to head SBI-DFHI, sources said.

Meanwhile, the appointments board of the finance ministry this week interviewed four DMDs of the bank for the position of managing director which has fallen vacant following Bhatt's promotion as chairman of the bank. SBI has two MDs. The other MD is Tara Shankar Bhattacharya.

The four DMDs interviewed are Yogesh Agarwal, MD of State Bank of Patiala; Sanjay Bhattacharya, MD of State Bank of Bikaner & Jaipur; C Narasimham, MD of State Bank of Indore and Abhijit Datta, DMD and CDO.

Managing Directors of the SBI associate banks enjoy the rank of DMD in the parent bank.

Incidentally, all four DMDs and Bhatt were interviewed last November for the post an MD which fell vacant in January. Bhatt got the nod for the post in May and subsequently he was made the chairman on June 30.

Bhattacharya was made the chairman in charge for a month after AK Purwar retired on May 31.

Meanwhile, the country's top bank sees no upward pressure on interest rates as of now in the wake of a comfortable liquidity position. Bhatt had said recently that the bank would take a call on reviewing rates only after the monetary policy.

He had earlier said that the bank aims to record 17 per cent hike in deposit base as against 13 to 14 per cent last year.

"Overall credit growth has been targeted at 25 per cent vis-a-vis 29 per cent last year," he said.

He said the bank aims to increase its market share in terms of business to 19 per cent in the next two years from 17 per cent now. SBI as a group enjoys 25 per cent market share in the country, he added.