B Sriram, the Managing Director of State Bank of India gets the additional responsibility of heading IDBI temporarily for a period of three months. He takes over the charge from M K Jain, who was appointed as the Deputy Governor by the Reserve Bank of India early in June. MK Jain is likely to join the central bank by Friday, 22nd June. As per report, B Sriram was also interviewed for the post of RBI’s Deputy Governor.
B Sriram currently manages SBI’s corporate banking division with a loan book exceeding Rs 10 lakh crore as on March 31, 2018, including the bank’s mid and large corporate, and small and medium enterprise lending business. Besides this he has worked in various roles in domestic as well as in international markets in various departments at SBI. Now after more than 28 years of experience in SBI, he will be retiring in September. And this is the reason why he has been asked to head IDBI only for a short period of three months.
While Sriram takes care of IDBI’s business, the government continues its search to find the right talent for the post. It is also currently in the process of interviewing executive directors for a dozen of PSU post that would fall vacant this fiscal year. About 12 Executive Directors and 14 Deputy Managing Directors of SBI would be appearing for an interview for MD post at PSU banks. The interviews will be held at the end of this month by Banks Board Bureau.
B Sriram’s temporary appointment at IDBI comes at a crucial stage when the bank has been facing severe stress owing to a nearly 28 percent gross non-performing asset ratio as of March. While the responsibility to head two banks can be challenging, his years of experience in the industry could prove to be useful in this situation.
With an M.Sc. in Physics from St. Stephen's College, Delhi and an AIMA Diploma in Management, B Sriram has served Director for various entities, including Gujarat State Energy Generation Limited, HDFC Venture Capital Limited and National Bulk Handling Corporation Ltd..