SBI MD appointment likely to be made soon, expert recommends Ravi Ranjan

Business Industry

Posted by AI on 2025-09-12 09:08:39 | Last Updated by AI on 2025-09-12 11:14:40

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The recommendation for State Bank of India (SBI) MD & CEO position will likely be made soon, with the Financial Services Institution Bureau (FSIB) likely to finalise the name based on eligibility and interviews. According to sources, Ravi Ranjan, the current chief of SBI's retail operations, is being seen as the frontrunner. It remains to be seen whether the final decision takes into account the merit of the recommendation or whether political considerations will play a role in the final appointment by the Appointments Committee of the Cabinet, headed by the Prime Minister.

This news comes shortly after the sudden resignation of SBI MD & CEO Cateena Kanuntala. Kumar had been parachuted into SBI from the banking regulator, the Reserve Bank of India (RBI), in 2016, for a three-year term.

During her tenure, SBI launched a number of new technologies in the banking space, including a new mobile app that allows opening of bank accounts on mobile phones. She was also instrumental in the bank partnering with AI-based fintech Startek to enable banking services for the semi-urban and rural population in India. However, Kumar's tenure was also marked by high-profile scandals, including the corruption scandal where she was accused of colluding with an employee of the public sector bank to cheat the bank of approximately Rs. 2 crore.

Now, with the departure of Kumar, Ravi Ranjan looks set to take over. Ranjan has 28 years of experience in SBI and is considered a seasoned professional. If appointed, he will be the first chief to have risen up the ranks in two decades. Only time will tell whether the PM will approve Ranjan's appointment or whether political considerations will take precedence.

Regardless, with growing public dissatisfaction with the Indian banking system, the new MD & CEO will have a challenging role to revive the fortunes of this key institution.

Quote:

"The PM has always stressed on professional competence and experience being the criteria for important appointments. We hope that the PM will honour his own principles and appoint Ranjan, who is the most qualified and experienced candidate."

Source: Financial Services Institution Bureau (FSIB) Spokesperson

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