Choudhary was cleared as MD by the Banks Board Bureau (BBB) in March after another MD Ashwini Bhatia was selected to be wholetime director (WTD) at stock market regulator Securities and Exchange Board of India (SEBI). Bhatia took over as SEBI director earlier this month after retiring from SBI on May 31.
As MD Choudhary will be incharge of the growing retail banking portfolio of the bank and will be MD till his retirement on June 30 2024.
CS Setty who was the MD for retail and digital banking will now look after international banking, technology and markets.
Ashwini Kumar Tewari the MD who was incaharge of international banking, technology and subsidiaries has now been given the responsibility of risk, compliance, audit and stressed assets resolution group (SARG).
J Swaminathan who was MD incharge of SARG along with risk, compliance and audit will now look after corporate banking and subsidiaries of the bank.
All the changes are effective immediately. “The reshuffle happened on Tuesday after Choudhary was confirmed as the fourth MD. It is the SBI chairman’s prerogative to divide responsibilities among his executives and that is what has happened. There have been some changes as departments have not moved directly from one MD to another enmasse,” said a person aware of the changes.
The digital banking department which was under retail banking previously has now moved exclusively to Nitin Chugh, deputy managing director (DMD) and head of digital banking who was a rare lateral entry into the bank in March this year. Chugh will directly report to the SBI chairman.
He was previously head of digital banking for
between 2013 and 2019 and CEO at for almost two years after that.
