SBI rejigs top mgmt, names retail biz MD

Mumbai: Alok Kumar Choudhary has taken charge as the new

MD

of the country’s largest lender SBI with effect from June 7. He was previously deputy MD (finance) at the

bank

. As the new MD, he will be handling

retail

business and operations.

Choudhary will be succeeding

C S Setty

who earlier headed this segment. Setty will now look after international banking, technology and markets while Ashwini Kumar Tiwari, who looked after international, has been given risk compliance, audit and stressed assets resolution. J Swaminathan, who was in charge of stressed assets, will now look after corporate banking and subsidiaries of the bank.

A vacancy was created after MD Ashwani Kumar, who was appointed wholetime director at Sebi, retired from SBI on May 31. Digital banking, which earlier came under retail, has now become a separate vertical under lateral recruit Nitin Chugh who has been hired at the level of deputy MD and will report to the chairman.

Choudhary has been with SBI for three and a half decades. He started his career with the bank in 1987 as a probationary officer and took on various roles across the country. Prior to becoming the DMD (finance), he was DMD (HR) & corporate development officer at SBI. He also headed SBI’s Delhi circle as chief general manager.

SBI is also the largest retail lender in terms of assets, deposits, branches, and customers. The retail portfolio includes mortgages where, again, SBI is the leader with a portfolio of Rs 5.6 lakh crore.


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