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FSIB, the headhunter for directors of state-owned banks and financial institutions, on Monday recommended Rama Mohan Rao Amara for the position of managing director of State Bank of India (SBI). Amara is currently Deputy Managing Director of the bank. He will fill the vacancy created due to elevation of C S Setty as chairman of the country's largest lender. The Financial Services Institutions Bureau (FSIB) interviewed 9 candidates for the position of managing director of SBI, FSIB said in a statement. "Keeping in view their performance in the interface, overall experience and the extant parameters, the Bureau recommends Rama Mohan Rao Amara for the position of MD in SBI," it said. The SBI board is headed by Chairman assisted by four managing directors. With the selection of Amara, SBI will get its fourth MD. The final decision on FSIB's recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by former secr
State Bank of India (SBI) will strive to become the most valued financial institution and also increase its net profit, the lender's new Chairman, C S Setty said on Wednesday as he asserted that this is India's decade. Soon after taking charge of the nation's largest bank, Setty assured employees that all efforts would be made to grow SBI into the 'Best Bank' in the country. As of today, he said in his message, SBI proudly serves over 50 crore customers, with market leadership positions across products and has achieved 1 per cent Return on Assets on arguably the country's largest balance sheet. "Since the start of this decade, our global rank among banks has moved up 35 positions from 52 to 17 in terms of market capitalization," he said thanking his predecessors. "It is now our turn to build on this foundation, to grow SBI into the 'Best Bank' in the country. "We have to strive to become the most valued financial institution, increase our net profit to reach new milestones, reinfo