SBI MD may be named interim chief of IDBI Bank

15 June 2018: State Bank of India (SBI) managing director B Sriram may be directed to IDBI Bank as its interim chief, indicating the government’s resolve to guarantee that the donor, which is fighting with 28% of its loans directing into non-performing assets, does not remain lifeless at this crucial position.

Sriram was an explanation for SBI chairman as well as the RBI deputy governor’s job and the government is interested to assure that he is sufficiently remunerated. Sources said the finance ministry is asking a withdrawal from the Cabinet’s nominations committee to name him as the interim chief in place of M K Jain, who was elected as RBI’s deputy governor.

Concurrently, the government has started the method of appointing the managing director and chief executives of many other state-run lenders, some of which have endured stupid for six months or so. The list includes Punjab & Sind Bank, Andhra Bank and Dena Bank. Chances are due to arise in various other banks including Canara Bank, Bank of Baroda, Indian Bank and Syndicate Bank.

In addition, the government needs to find a replacement for Allahabad Bank MD & CEO Usha Ananthasubramanian, whose powers have been taken away by the board after she was charge-sheeted in the $2-billion fraud at Punjab National Bank, which was supposedly orchestrated by Nirav Modi-Mehul Choksi. Ananthasubramanian was the PNB MD till she was left to Allahabad Bank, supposedly due to non-performance.