BBB recommends Alok Choudhary for SBI Managing Director post

The Banks Board Bureau (BBB) on Wednesday recommended the name of Alok Kumar Choudhary for the post of managing director of State Bank of India.

The headhunter for directors of state-owned banks and financial institution also recommended A Manimekhalai, Ajay Kumar Srivastava and Swaroop Kumar Saha for MD position of Union Bank of India, Indian Overseas Bank and Punjab & Sind Bank, respectively.

The Bureau interviewed 21 candidates and based on their performance selected Alok Kumar Choudhary for the position of managing director of SBI, BBB said in a statement.

Choudhary, who is deputy managing director (Finance), will replace Ashwini Bhatia who has been appointed a whole time member of Sebi.

Prior to this, he was chief general manager of Delhi region for three years.

The final decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

BBB is headed by former Department of Personnel and Training Secretary B P Sharma.

The Prime Minister, in 2016, approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of public sector banks (PSBs).

It was also entrusted with the task of engaging with the board of directors of all PSBs to formulate appropriate strategies for their growth and development.

Besides, it was asked to frame strategy discussion on consolidation based on requirement. The government wanted to encourage bank boards to restructure their business strategy and also suggest ways for their consolidation and merger with other banks.