Rajnish Kumar’s elevation as chairman of State Bank of India is likely to trigger a top management reshuffle at the country’s largest lender.
One slot of managing director will be vacant as Kumar takes over as chairman on Saturday. He has superseded B Sriram, senior-most managing director and head of the corporate banking group, to head the bank.
If the government gives Sriram an important assignment such as that of deputy governor of the Reserve Bank of India, one more slot of managing director would be vacant.
How quickly the slots would be filled would depend on when the government starts the selection process. Of the 17 deputy managing directors (DMDs), 11 will be eligible to participate in the selection of managing director.
Two DMDs — Manju Agarwal, head of corporate strategy and new business, and Sunil Shrivastava — head, corporate account group, would retire in this financial year.
On the reshuffle of posts, bankers said there could changes in the portfolio of MDs and DMDs.
The experience profile and relationships and a proposed three-year business plan would have a bearing on portfolio assignments.
Kumar in his media interaction on Thursday had said: “There are short-term and long-term goals. In an organisation like SBI, which is systems- and procedure-driven, activities are in auto-pilot mode.”
He would review action plans that are happening in the bank and see what corrections are required. He would have a blueprint for at least the next 36 months. Short- and long-term goals would be delineated in 30 days.