P K Gupta to be elevated as SBI managing director

P K Gupta will be elevated as managing director of the country's largest lender, State Bank of India, in place of corporate banking head P Pradeep Kumar, who is superannuating this month-end. Gupta, who is the rank of of deputy managing director (DMD), is presently managing director of the bank's investment banking arm, SBI Caps.

The appointment of the 1960-born Gupta is for a period of over four years (till March 2020), according to a notification. Six officials from the bank were interviewed for the post last month and Gupta was the senior-most among them.

Others included Varsha Purandare (DMD and chief credit officer), Dinesh Khara (MD, SBI Mutual Fund) and Sunil Srivastava (DMD corporate services and new business). The other three serving MDs at SBI are B Sriram (national banking group), V G Kannan (associates and subsidiaries) and Rajnish Kumar (compliance and risk).

Kannan's retirement is due next July.