FSIB recommends Rana Ashutosh for SBI MD, Ashish Pandey selected to lead Indian Bank as CEO

Rana Ashutosh Kumar Singh has been recommended by the Financial Services Institutions Bureau (FSIB), which has the authority to choose CEOs and Directors of public sector financial institutions, to assume the role of Managing Director (MD) of the State Bank of India (SBI) when it becomes available later this year.

FSIB conducted interviews with 16 candidates on April 23 and 24, 2024, for the MD position at SBI. After assessing their performance, experience, and relevant criteria, FSIB recommends Rana Ashutosh Kumar Singh for the MD role at SBI.

Presently, Singh serves as the Deputy Managing Director (DMD), overseeing retail, personal banking, and real estate divisions at SBI. He is the senior most DMD within the bank, assuming the role in 2020. Singh commenced his career with SBI as a probationary officer in August 1991, accumulating 32 years of experience across diverse roles and locations within the organization. Previously, he held the positions of DMD for transaction banking and new initiatives, as well as DMD for strategy and Chief Digital Officer, and DMD for HR and corporate development.

Rana Ashutosh Kumar Singh will replace Alok Choudhary, who is set to retire on June 30. Choudhary is one of SBI’s four managing Directors, overseeing the groups responsible for risk, compliance, and stressed assets.

On its website, FSIB stated that Asheesh Pandey, the Executive Director of Bank of Maharashtra (BoM), has been selected to take over as the CEO of Indian Bank, based in Chennai. After SL Jain’s three-year term expires on August 31, Pandey will take over as CEO of Indian Bank on September 1. Pandey is currently the Executive Director of the Bank of Maharashtra. He was chosen following interviews with 17 candidates, according to the FSIB.

Final decisions about the FSIB’s proposal will be made by the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi.