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The Centre has approved the appointment of Rama Mohan Rao Amara for the position of managing director of the State Bank of India (SBI). Amara, who currently serves as the Deputy Managing Director of the bank, has been appointed as the managing director of the bank for a period of three years.
SBI in a regulatory filing on Wednesday, citing a government notification said that the decision will be with effect from the date of assumption of charge of the post, or until further orders, whichever is earlier.
Amara will be filling in for the vacancy created due to the elevation of CS Shetty as chairman of the country’s largest lender. The SBI board is headed by a Chairman assisted by four managing directors.
With the selection of Amara, SBI will get its fourth MD.
Earlier, FSIB, the headhunter for directors of state-owned banks and financial institutions, had recommended Rama Mohan Rao Amara for the position of the SBI managing director. The Financial Services Institutions Bureau (FSIB) said that it had interviewed 9 candidates for the position of managing director of SBI.
“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 had said.
All about the new SBI MD
Amara is a veteran banker, with a successful career spanning over 29 years at State Bank of India (SBI). Previously he was appointed as the new MD & CEO of the SBI Cards and Payment Services (SBI Card).
Amara started his banking career with SBI in 1991 as a probationary officer and holds a bachelor’s degree in engineering. He has expertise in the field of credit, risk, and International Banking, both, in India and abroad.
He has had two foreign postings, first in Singapore and later in the US, as CEO of the Chicago branch and then as the President and CEO of SBI California.
(With inputs from PTI)
