Task Cut Out For New State Bank Chief

M S Verma, who has been appointed as the chairman of State Bank of India (SBI), has his work cut out.

A foray into insurance and consumer finance, getting the credit card venture off the ground and completing the restructuring of the bank are some of the tasks on the agenda.

Prior to his appointment as SBI chairman, Verma was the managing director and group executive of the bank.

Born on November 5, 1938, Verma joined SBI as a probationary officer in September 1958. He has been one of the key persons behind the setting up of SBI Caps and the mutual fund subsidiary of the bank.

 

When at SBI Caps, Verma was sought for direction by the merchant banking and mutual fund industry.

Later in the career, Verma has been credited for setting up of the Corporate Accounts Group (CAG) at the bank.

The CAG has speeded up credit delivery by paring the tiers of clearance. The Corporate Accounts Group facility is given to top clients of SBI.

Verma was the managing director of the Bank of Bhutan between 1980 and 1982. Bank of Bhutan is a joint-venture between the State Bank of India and the Bhutanese government which it manages under a management contract.

Between 1982 and 1986 he functioned as the SBI representative in the gulf countries and was later general manager and executive director in charge of corporate banking at SBI Capital Markets Ltd (SBI Caps) between 1987 and 1990.

Verma looked after the mutual funds business for two years between 1990 and 1992.

Between 1992 and 1994, Verma functioned in the capacity of chief general manager of the Bengal circle which controls nearly 800 branches of the bank spread over West Bengal, Sikkim and the Andamans.

In September 1994, he was appointed deputy managing director of the bank with responsibility for corporate banking.

Under his charge, the corporate accounts group set up by the bank specially to look after its largest corporate clients was given concrete shape and a new administration set up. Verma continued in this position till December 1995 when he assumed charge as the managing director of SBI.