SBI’s Sumit Phakka To Join IDBI Bank as Deputy MD

The Board of Directors on June 1, 2024, has approved the appointment of Sumit Phakka as Deputy Managing Director on the Board of IDBI Bank Limited for a period of 3 years, with effect from the date of taking charge as specified in the RBI approval received in this regard.

Sumit Phakka is presently working as the Chief General Manager at SBI. He is a senior banking professional with almost 30 years of experience at the State Bank of India (SBI) in various capacities and geographies, viz., New Delhi, Chandigarh, Mumbai, and Toronto, with substantial exposure to branch banking and credit delivery to small and medium enterprises. He had earlier worked as General Manager of Network 1, where he headed the largest retail network of SBI branches with 3 administrative and 18 regional offices spread across the state of Punjab. He has also worked at various scales in the Corporate Accounts Group in Mumbai and is experienced in branch banking, mobilisation of retail resources, as well as credit delivery in sectors like retail, agriculture, MSME, recovery, etc. He was the Vice President (Credit) at SBI’s Canadian Operations for five years, where he managed the corporate credit portfolio of the bank in Canada, which included marketing for new deals, including bilateral deals and syndicate advances, as well as India-based deals and maintaining credit quality. He has a B.Com., an MBA in Finance, and a CAIIB.