Rana Ashutosh Kumar Singh was handling those verticals until last week.
“The government’s notification for Ranjan’s appointment came on Monday and as it is the practice, SBI chairman can reshuffle the portfolios at his discretion, which is what has happened,” said a person aware of the developments.
Singh, who was handling Ranjan’s portfolio, has been given charge of international banking, global markets and technology, the portfolio belonging to the other MD, Rama Mohan Rao Amara, before the reshuffle.
Amara will now be in charge of the crucial retail business and operations of the bank, taking over from Vinay Tonse who retired last month.
MD Ashwini Kumar Tewari will continue to handle corporate banking and subsidiaries of India’s largest bank by assets.
Ranjan was selected for the post of MD by Financial Services Institutions Bureau (FSIB), the head hunter for directors of state-owned banks and financial institutions, back in September. His appointment was notified by the department of financial services (DFS) through a government notification issued on Monday. Prior to his promotion, Ranjan served as deputy managing director (DMD) global markets, which handles the treasury function of the bank for over a year. He previously headed the corporate accounts group, which banks large conglomerates and was also the chief general manager of SBI’s Chennai Circle, which covers Tamil Nadu and Puducherry.
Shamsher Singh has taken over as DMD global markets at the bank. Singh was earlier DMD transaction banking and new initiatives. Chandra Shekhar Sharma, who was promoted to DMD earlier this year will now look at transaction banking and new initiatives.