Centre appoints Rama Mohan Rao Amara as managing director of SBI – CNBC TV18

State Bank of India (SBI) announced on Wednesday that the Centre has appointed Rama Mohan Rao Amara as its new Managing Director for a three-year term.

The decision was made by the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi. Amara, who was previously serving as the Deputy Managing Director and Chief Risk Officer, was recommended for the role by the Financial Services Institutions Bureau (FSIB) in September this year.

FSIB, the body responsible for selecting directors of state-owned banks, interviewed nine candidates for the position. Amara’s appointment fills the vacancy created by CS Setty, the current Chairman of SBI.

The FSIB, in its statement, noted that Amara was selected based on his performance during the interview, his extensive experience, and his alignment with key criteria for the role.

SBI’s board is led by the Chairman, assisted by four managing directors. With Amara’s appointment, the bank will now have its fourth managing director.