Mumbai: State Bank of India (SBI) has appointed Rama Mohan Rao Amara as its new managing director (MD) for a term of three years, effective December 18, 2024.
Prior to this appointment, Amara served as the deputy managing director and chief risk officer at SBI, bringing extensive experience in risk management to his new role. His tenure as MD comes at a time when the public sector lender is navigating evolving market dynamics and strengthening its operational strategies.
The bank also announced that Kshitij Mohan, currently deputy managing director handling stressed asset resolution (SARG), will take on the additional responsibility of deputy MD and group chief risk officer, effective the same date. This move indicates a focus on streamlining leadership roles to enhance risk management capabilities across the institution.
SBI, which is India’s largest public sector bank, remains a significant player in the financial sector. As of September 30, 2024, the Government of India held a 57.51% stake in the bank. In the second quarter of FY25, SBI reported a 27.92% rise in standalone net profit, reaching ₹18,331.44 crore, with a 15.13% growth in total income to ₹1,29,141.11 crore compared to the same period last year.
On December 18, SBI shares saw a marginal decline, trading at ₹831.70 on the BSE, down 0.88%.
These leadership changes come as the bank continues to strengthen its core operations while navigating economic and regulatory shifts in the BFSI sector.
