The Appointments Committee of the Cabinet, which is headed by Prime Minister Narendra Modi, appointed Ashwani Bhatia as the Managing Director of the State Bank of India -- India's largest state-owned lender.
A notification was issued by the government on August 21 to make the announcement. It stated: “The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment of Ashwani Bhatia, Deputy Managing Director (DMD), State Bank of India (SBI) as the Managing Director (MD) in SBI with effect from the date of assumption of office an up to the date of his superannuation, or until further orders, whichever is earlier.”
Before joining the SBI's Mutual Fund Business, Bhatia was a whole-time director with SBI Capital Markets. He is currently serving as the Managing Director and CEO at SBI Mutual Fund and replaced PK Gupta, who superannuated on March 31, as SBI MD.
He emerged as one of the frontrunners for the SBI MD post after the Banks Board Bureau (BBB) had recommended his name for the same. The bureau members had made the recommendation after interacting with 20 candidates from public sector banks on May 30.The BBB was constituted in 2016 to makes recommendations for the appointment of whole-time directors as well as non-executive chairpersons of nationalised banks.