Government Opens SBI Managing Director Role To Private-Sector Candidates

In a major change to India’s banking leadership framework, the government has opened applications for the State Bank of India’s Managing Director (MD) position to private-sector professionals, NDTV Profit reported.

The Appointments Committee of the Cabinet has approved revised guidelines for appointing Whole-Time Directors, including CEOs, MDs, and Executive Directors, in public-sector banks and state-owned insurers. Candidates from the private sector must have at least 21 years of professional experience, including 15 years in banking, and experience at a senior-level board or pre-board level. The Financial Services Institutions Bureau will assess applicants with the assistance of independent HR agencies. The Department of Financial Services has communicated the updated process to PSBs, signalling a shift toward merit-based and performance-driven leadership appointments.