State Bank of India (SBI), India's largest public sector bank, has announced significant changes in its top leadership, strengthening its management team with two key appointments.

New Deputy Managing Directors

SBI has made two important appointments at the Deputy Managing Director level:

1. Parminder Singh has been named Deputy Managing Director & Group Compliance Officer
2. Ruma Dey has been appointed as Deputy Managing Director (OSD) Corporate Centre

Effective Date and Official Disclosure

According to the bank's official disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

• Shri Parminder Singh, currently holding the position of TEGSS-II, will assume his new role as Deputy Managing Director & Group Compliance Officer effective from July 25, 2025.
• Smt. Ruma Dey, also currently at TEGSS-II level, will take on her new responsibilities as Deputy Managing Director (OSD) Corporate Centre from the same date, July 25, 2025.

Significance of the Appointments

These appointments are crucial for SBI's corporate governance and operational strategy:

• As Group Compliance Officer, Parminder Singh will play a vital role in ensuring the bank adheres to regulatory requirements and internal policies across its operations.
• Ruma Dey's position as Deputy MD (OSD) at the Corporate Centre suggests a focus on strategic initiatives and corporate-level operations.

These leadership changes come as part of SBI's ongoing efforts to strengthen its top management and adapt to the evolving banking landscape in India. The new appointments are expected to bring fresh perspectives and expertise to the bank's senior leadership team.

State Bank of India continues to be a key player in India's financial sector, and these strategic appointments underscore its commitment to maintaining strong governance and operational excellence.

Moody's Ratings has affirmed State Bank of India 's (SBI) Baa3 long-term deposit ratings while upgrading the bank's Baseline Credit Assessment (BCA) and Adjusted BCA to baa3 from ba1. This upgrade reflects the bank's improving financial health and strategic positioning in the Indian banking sector.

Key Highlights

• Moody's affirmed SBI's Baa3 long-term deposit ratings
• BCA and Adjusted BCA upgraded to baa3 from ba1
• Additional Tier 1 (AT1) securities rating upgraded to (P)Ba3 from (P)B1
• Outlook remains stable

Improved Capitalization and Asset Quality

The upgrade in SBI's BCA is driven by expectations of improved capitalization over the next 12-18 months. The bank's consolidated common equity tier 1 (CET1) ratio has shown significant improvement, rising to 11.10% as of March 2025 from 10.30% in March 2022.

SBI's asset quality has also demonstrated resilience, with the gross non-performing loan (NPL) ratio improving to 1.80% as of March 2025, down from 2.20% in the previous year. This performance surpasses the industry average of 2.30% for the same period.

Strong Financial Performance

The bank's financial metrics paint a picture of robust performance:

Government Support and Market Position

SBI's strong market position is underscored by its 23% deposit market share in India. The government's 56.90% stake in the bank as of March 2025 further reinforces the likelihood of support in case of financial distress.

Recent Capital Raising Initiative

In a significant move to bolster its capital base, SBI recently concluded a Qualified Institutions Placement (QIP). The bank successfully raised ₹24,999.99 crore by issuing 30,59,97,552 equity shares at ₹817 per share. This capital infusion is expected to further strengthen SBI's financial position and support its growth plans.

Governance and Outlook

Moody's has revised SBI's Governance Issuer Profile Score to G-2 from G-3, citing the bank's resilient asset quality and improving capitalization as indicators of a more prudent financial strategy. The stable outlook on SBI's ratings reflects the bank's strong fundamentals and its crucial role in the Indian banking system.

As India's largest bank, with consolidated assets of ₹73.1 trillion as of March 2025, SBI's upgraded credit assessment underscores its pivotal position in the country's financial landscape. The bank's improved financial metrics and strategic initiatives position it well for sustainable growth in the evolving economic environment.