SBI promotes 8 CGMs as DMDs in annual reshuffle

State Bank of India (SBI) has promoted eight chief general managers (CGMs) to the post of deputy managing directors (DMDs) in its annual cycle. Some of the new DMDs have already been assigned their departments while the rest of them will be allotted as existing DMDs retire.

There are 18 DMDs at India’s largest bank currently with some of them retiring as early as June with some retirements expected between August and September. The DMDs already given charge are the ones replacing the immediately retiring officials, people familiar with the details said.

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“Debasish Mishra who was earlier the CGM of SBI’s New Delhi circle overseeing 1700 branches in the region will take over from Nand Kishore CEO at SBI Mutual Fund. Kishore is among the first of the existing DMDs who will retire in June. Dipak Kumar De former CGM of the Lucknow circle will take charge of digital banking business from Chander Shekhar Sharma who is currently in charge of transaction banking and new initiatives of the bank when he retires in July,” said a person familiar with the details.

SBI’s promotions and transfers mostly happen in the first quarter of the fiscal year during which general managers are promoted to CGM position and CGMs are made DMDs. “Sahadevan Radhakrishnan will taking over as DMD corporate centre from Binod Kumar Mishra who retires in August. Other five newly appointed DMDs will take over between now and October as retirements happen within India’s largest bank,” a second person aware of the details said.

Other DMDs retiring later in the year include Kshitij Mohan, DMD, stressed asset recovery group (SARG) and chief credit officer (CCO) Ashok Kumar Sharma who retire in the next few months. The process for GM promotions to CGM has also been started and will be completed by the middle of May, the people cited above said.