December 19, 2024: The Government of India has approved the appointment of Rama Mohan Rao Amara as the new Managing Director of the State Bank of India (SBI). Mr. Amara, who has served as the Deputy Managing Director at SBI, will take on this new role for a period of three years, effective from the date he assumes charge, or until further orders, according to a regulatory filing made by the bank on Wednesday. This appointment follows a government notification and comes in the wake of the elevation of CS Setty as SBI's new chairman.

With Amara's appointment, SBI will now have its fourth Managing Director, joining the team of senior leaders who assist the chairman in managing the bank's vast operations. The bank's board is headed by a chairman, supported by four managing directors, each responsible for various strategic functions.

Amara's new role is significant, as he steps into the vacancy created by Setty's promotion, further reinforcing the bank’s leadership with experienced and capable professionals at the helm. His appointment is expected to bring strategic leadership and direction to the country's largest lender.