Rana Ashutosh Kumar Singh Assumes Role as MD at SBI

Rana Ashutosh Kumar Singh has been appointed as Managing Director (MD) of SBI, overseeing risk compliance and stressed assets. Gajendra Singh Rana takes over as Deputy Managing Director for retail and real estate. These changes precede CS Setty’s upcoming role as SBI Chairman.

Piyush Shukla Published On August 14th, 2024

Rana Ashutosh Kumar Singh has been appointed as the Managing Director (MD) of the State Bank of India (SBI), overseeing the Risk Compliance and Stressed Assets Resolution Group (SARG) departments. This change follows government approval last week.

Appointments and Transitions

New MD Appointment

Rana Ashutosh Kumar Singh is the new MD responsible for SBI’s risk compliance and SARG departments, succeeding Alok Choudhary. Singh’s term is set to last until June 30, 2027.

Deputy MD Role

Gajendra Singh Rana, formerly the chief general manager of the Mumbai circle, has been appointed as Deputy Managing Director (DMD) for retail and real estate, taking over from Singh.

Chairman Appointment

The Appointments Committee of the Cabinet (ACC) has confirmed CS Setty as the new SBI Chairman, following the end of Dinesh Khara’s term on August 28.

Upcoming Developments

Future MD Position: The Financial Services Institutions Bureau (FSIB) is expected to interview candidates for SBI’s fourth MD position later this month. Amara Ramamohan Rao, the current top risk officer, is considered a leading candidate for this role.

Market Update

Stock Performance: As of 1:15 PM, SBI’s stock was trading 0.34% lower at ₹809.80 on the NSE, compared to the previous close of ₹812.60. The stock reached an intraday high of ₹820 and a low of ₹806.40.