SBI applies for two more managing director posts

The nation's largest commercial bank, State Bank of India (SBI), which is undergoing restructuring, on Friday said it has applied to authorities for creating two more posts of managing director.

"At present the bank has four managing directors (MD) and we have sought permission for two more MD positions. All business verticals will now report through the MDs to the chairman," SBI chairperson Arundhati Bhattacharya told media persons here while announcing the financial performance of the bank for the fiscal 2014-15.

She said only platform functions comprising IT, HR, chief credit officer and the chief finance officer will directly report to the chairperson, while rest of the functionaries in the system will report through the MDs.

Of the four MD positions the bank presently has, one is vacant on account of the retirement of Krishna Kumar who served the bank as MD and group executive, International Banking.

"When the next MD gets appointed which is currently vacant, that could be as MD - compliance and risk," said Bhattacharya.

According to the SBI chairman, the compliance and risk portfolio has become very important as per the present needs, and it has to be headed by a MD.

The bank has already divided the portfolio of the chief credit and risk officer into chief credit officer and chief risk officer.

"Both compliance and risk has become so much important in today's standing. The chief risk officer and compliance function will be directly reporting to the MD - compliance and risks (once appointed)," she said.