Govt clears name of Chaudhuri for the post of SBI chief

NEW DELHI: The government is believed to have cleared the name of Pratip Chaudhuri for appointment as SBI Chairman.  Managing Director R Sridharan is officiating as the bank chairman now after O P Bhatt retired last month. Sridharan is due to retire in June, 2011. Chaudhuri joined State Bank of India (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 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 per cent 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 per cent market share.