SBI rejigs portfolios of MDs; PK Gupta takes charge

State Bank of India (SBI), the nation's largest lender, has rejigged the portfolios of three of its four managing directors (MDs), after Praveen Kumar Gupta assumed office as the fourth MD.

Gupta, who took over as MD on the superannuation (on October 31) of P Pradeep Kumar as the group executive for corporate banking group, confirmed on Monday that he would be looking after compliance and risk. The recently-created portfolio was being looked after by Rajnish Kumar till now. Gupta's tenure will be till March 31, 2020.

Rajnish Kumar, who assumed charge as MD on May 26, will now be heading the national banking group (NBG), replacing B Sriram. Sriram will now look after the corporate banking group.

However, there is no change in V G Kannan's portfolio as the group executive for associates and subsidiaries.

Six candidates had appeared for the interview for the fourth MD, which was held in New Delhi on September 16.

Apart from Gupta, those who had appeared for the interview included Varsha Purandare (deputy managing director & chief credit officer), Dinesh Khara (MD, SBI Mutual Fund), Sunil Srivastava (deputy MD, corporate strategy and new business), Shashi Kumar (deputy MD, inspection & management audit) and M S Sastry (deputy MD and chief risk officer).

Among the four MDs, the 1960-born Gupta is the youngest, while Sriram is the seniormost.

Kannan's retirement is due next July.