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.

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Rao's appointment is, however, subject to clearance by insurance regulator IRDA, the source said.

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