Mumbai: Rama Mohan Rao Amara has been appointed as the new Managing Director (MD) of the State Bank of India (SBI) for a tenure of three years, according to a Reuters report, the state-owned lender informed the exchanges.

The Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister, approved Amara's appointment following his recommendation by the Financial Services Institutions Bureau (FSIB) earlier in September.

The FSIB serves as the official headhunter for senior roles in state-owned banks and financial institutions.

Amara will succeed CS Setty, the outgoing MD of SBI, filling a vital leadership position within the bank's top management team, which comprises the Chairman and four Managing Directors responsible for overseeing SBI's extensive operations.

The FSIB had evaluated nine candidates for the MD position.

"Keeping in view their performance in the interface, overall experience, and the extant parameters, the Bureau recommends Rama Mohan Rao Amara for the position of MD in SBI," the FSIB stated.

The selection process involved assessing candidates based on their experience, qualifications, and overall suitability for the role. 

A veteran banker, Amara brings significant expertise from his diverse roles within SBI.