Acharya back at SBI as management audit head

Acharya was asked to proceed on leave following allegations of graft by the CBI

State Bank of India Deputy Managing Director (DMD) Shyamal Acharya, who was asked to proceed on leave following allegations of graft by the Central Bureau of Investigation (CBI), has rejoined the country’s largest lender in a different role.

Acharya, who headed the mid-corporate group as deputy managing director, was forced to go on leave in November after the CBI case charged him with taking pecuniary benefits to clear a loan. However, he was given a clean chit in an internal probe by the bank. “He has rejoined as the DMD at the inspection and  management audit department, which is based in Hyderabad,” a bank official said on Thursday.

Acharya could not immediately be reached for his comments.

The job involves a lot of travel as it requires overseeing compliance at local head offices and zonal offices. It was, however, not clear as to where Acharya, who retires later this year, will be based.

Acharya was alleged to have facilitated the sanction of a loan against favours following a CBI raid at his place following a tip-off.

On November 24, the Economic Offences wing of the CBI had registered a case against Acharya, ex-SBI official KK Kumarah and chairman of Delhi-based firm Worlds Window Piyoosh Goyal for alleged graft in disbursals of a Rs 400 crore loan, after raiding Acharya's house in the city.

Acharya was alleged to have asked for Rs 15 lakh to clear the loan proposal and, according to the CBI, he was given a couple of luxury watches as the first instalment.

Apart from that, it was reported that several assets which may be disproportionate to his income such as fixed deposits and a large quantity of gold, were found at Acharya's home.