NEW DELHI: The government has appointed Ashwani Bhatia as the next managing director of India’s largest public sector bank State Bank of India (SBI). Bhatia is currently serving as the managing director (MD) and CEO of SBI Mutual Fund, and had been tipped to be a front runner for his new post through the selection process.
The order for the appointment was issued by the Personnel ministry on Friday, which said Bhatia will remain MD of SBI until his superannuation on May 31, 2022. Before joining SBI Mutual Funds as its chief, Bhatia has been in charge of revamping the huge public sector lender’s entire credit structure and process.
According to officials, he has also been associated with SBI Capital Markets as the qing’s president and chief operating officer and whole time director. Over his tenure of 33 years with the State Bank of India, officials say that Bhatia has served in several diverse and varied functions and assignments, adding that he has rich experience in the various facets of commercial banking—such as forex and treasury, retail credit and liability and corporate credit.
The Banks Board Bureau headed by former Department of Personnel and Training Secretary B P Sharma had recommended Ashwini Bhatia for the position. last year alongside recommendations for the top posts of other banks. Constituted in 2016, Banks Board Bureau makes recommendations for the appointment of whole-time directors as well as non-executive chairpersons of public sector banks.