Rana Ashutosh Kumar Singh has officially taken over as Managing Director at State Bank of India (SBI), overseeing the Risk Compliance Department and the Stressed Assets Resolution Group. His appointment was confirmed last week by the government, marking a significant leadership change at India’s largest public sector bank.

Singh succeeds Alok Choudhary, with the transition occurring promptly after the government’s order, as per standard procedure. Singh’s new role places him at the helm of critical areas within SBI, including risk management and the resolution of stressed assets, which are vital to the bank's financial health.

Simultaneously, Gajendra Singh Rana, who previously served as Chief General Manager of SBI’s Mumbai Circle, has been appointed Deputy Managing Director in charge of Retail and Real Estate, succeeding Singh in this position. Sources familiar with the developments indicated that these appointments are part of a broader leadership restructuring within SBI.

The Appointments Committee of the Cabinet (ACC) also approved the appointment of CS Setty as the new Chairman of SBI. Setty will take over for the outgoing chairman, Dinesh Khara, who is set to retire on August 28. The new chairman’s decisions may lead to further reshuffling of MD roles within the bank.