On Saturday, the State Bank of India (SBI) announced the appointment of Kameshwar Rao Kodavanti as its Chief Financial Officer (CFO) starting from July 1, 2023. Kodavanti, a qualified chartered accountant, has been associated with SBI since August 1991 and has extensive experience in banking, forex, finance, and accounting. He will be taking over the role from Charanjit Surinder Singh Attra, who has resigned from the position.
Role of a CFO in SBI
The Chief Financial Officer (CFO) is the senior financial officer of the State Bank of India (SBI). The CFO is responsible for the overall financial management of the bank, including budgeting, forecasting, and reporting. The CFO also plays a key role in the bank’s strategic planning process.
- Overseeing the bank’s financial planning and budgeting process.
- Preparing financial reports and presentations for the bank’s board of directors and management team.
- Monitoring the bank’s financial performance and ensuring that it meets its financial targets.
- Managing the bank’s treasury function, including investment and funding activities.
- Overseeing the bank’s risk management function.
- Providing financial advice to the bank’s management team.
The CFO in SBI is a senior executive who plays a critical role in the bank’s success. The CFO must have a strong understanding of financial principles and practices, as well as the ability to manage a complex and dynamic financial environment.
About State Bank of India
- Established: 1st July 1806
- Headquarters: Mumbai, India
- Employees: 250,000+
- Total assets: ₹51.7 trillion (US$700 billion) (2022)
- Market capitalization: ₹4.1 trillion (US$55 billion) (2022)
- State Bank of India is the largest bank in India by assets, deposits, and number of branches. It is also one of the largest banks in Asia. SBI has a network of over 24,000 branches and 63,000 ATMs in India. It also has a presence in over 30 countries around the world.
- SBI offers a wide range of banking products and services, including savings accounts, current accounts, loans, investments, and insurance. It also provides a variety of online and mobile banking services.
- SBI is a government-owned bank. The Government of India owns 57.63% of the bank’s shares.
- SBI is a systemically important bank. This means that it is considered to be so important to the Indian financial system that its failure would have a significant impact on the economy.
- SBI is a well-managed bank with strong financial performance. It has been profitable for many years and has a good track record of meeting its financial targets.
- SBI is a responsible corporate citizen. It is committed to social and environmental sustainability. It has a number of initiatives in place to promote these goals.
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When was SBI established?
SBI was established on July 1, 1806, as the Bank of Calcutta. It was renamed the Imperial Bank of India in 1921, and then the State Bank of India in 1955.
What are systemically important banks?
Systemically important banks (SIBs) are banks that are considered so important to the financial system that their failure would have a significant impact on the economy. SIBs are often large, complex, and interconnected banks that play a vital role in the financial system.