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Govt clears name of Pratip Chaudhuri for the post of SBI chief

Mr Chaudhuri joined SBI as a probationary officer in 1974. He became the deputy managing director (international banking) in April 2009

New Delhi: The government is believed to have cleared the name of Pratip Chaudhuri for appointment as State Bank of India (SBI) chairman, reports PTI.

Managing director R Sridharan is currently officiating as the bank's chairman after OP Bhatt retired last month. Mr Sridharan is due to retire in June 2011.

Mr Chaudhuri joined SBI as a probationary officer in 1974. He became the deputy managing director (international banking) in April 2009.

According to sources, the government has also cleared the names Hemant G Contractor, Diwakar Gupta and A Krishna Kumar for promotion as managing directors (MDs) in the bank. The three are now deputy managing directors.

The search panel, headed by Reserve Bank of India (RBI) governor D Subbarao, had interviewed 4-5 candidates in December 2010.

The SBI board comprises an executive chairman and two managing directors. After amendments to the SBI Act, the government of India, which holds about 59% stake in the bank, can appoint two more MDs.

There is only one MD now in the bank against the provision of four.

SBI commands about 25% market share.

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