Rs 1 cr annual package for SBI's new CFO

For the first time, the bank is recruiting the CFO from outside its experienced talent pool of top management.

The country's largest lender State Bank of India has invited applications from eligible candidates for the post of Chief Financial Officer (CFO) on contract basis at a salary package of Rs 1 crore,  three times more than its chairman's.

As per the recruitment notice, the position is for a contract period of three years and the annual CTC (cost to company) and perks would be Rs 75 lakh to Rs 1 crore.

Interestingly, the salary of SBI chairman was Rs 29.5 lakh in 2018-19.

"Minimum 15 years' post qualification work experience (as on 01.04.2020) in overseeing financial operations, preferably accounting and taxation matters, in banks/ large corporates/ PSUs/ FIs/ financial services organizations, of which 10 years should be in bank or financial institutions (of which five years should be at senior management level)," it said.

This is for the first time, the bank is recruiting the CFO from outside its experienced talent pool of top management.

Earlier, the CFO used to be from the bank's senior management.

Currently, the CFO position is held by Chalasani Venkat Nageswar, a deputy managing director of the bank.

Its past CFO Anshula Kant is now managing director and chief financial officer of the World Bank.

As MD and CFO, Kant is responsible for financial and risk management of the World Bank Group.

Last month, one of SBI's deputy managing directors, Anil Kishora, was picked as vice-president of New Development Bank.

According to a senior bank official of a public sector bank, the government in the past tried to rope in private sector people to head large state-owned banks but it did not yield the desired result.

Besides, SBI has invited applications from eligible candidates for the post of Data Protection Officer.

The bank has not specified the salary but said the CTC is not a limiting factor for a suitable candidate.

Photograph: Rupak De Chowdhuri/Reuters