SBI MD Sriram retires with Centre's nod amidst IDBI stake sale buzz

Lending major State Bank of India (SBI) on Saturday said that the central government has permitted its Managing Director B Sriram to take voluntary retirement.

The development assumes significance as Sriram was recently appointed the chief of financially troubled IDBI Bank.

According to a BSE filing, SBI said that the central government granted permission to Sriram for voluntary retirement on June 29 with immediate effect.

Sriram was recently appointed as the Managing Director and Chief Executive Officer of state-owned IDBI Bank for a period of three months.

He took charge of IDBI Bank on June 22 following M K Jain demitting office to take over as Deputy Governor of RBI.

The ACC approved the appointment of Sriram as MD and CEO of IDBI Bank for three months with effect from M K Jain's demitting office, said an order issued last week by the Department of Personnel and Training.

Sriram worked as the MD (Corporate and Global Banking) in SBI since July 2014. He had been Managing Director of State Bank of Bikaner and Jaipur.

Sriram joined the government-run bank in 1981 as a Probationary Officer. During over three-decade-long career, he held several positions and also had a stint at SBI's Singapore office.