Arijit Basu to Head SBI Life
State Bank of India has appointed Arijit Basu as the MD and CEO of SBI Life Insurance. He will replace Atanu Sen who is due to retire soon. Basu will face the challenge of dealing with the insurance regulator, IRDA, which has told the insurer to refund 275 crore to 7.5-lakh policy holders on the ground that it had collected excess commission in selling its Dhanraksha Plus policy though SBI and its associate banks. Among the other newly appointed deputy MDs, Anshula Kant has been assigned operations — national banking group, MG Vaidyan, retail strategy — national banking group, and Parveen Kumar Malhotra, group executive – stress asset management.
PJ NAYAK REPORT COMES AS A BLESSING IN DISGUISE FOR MANY BANKS
Corporate governance and the quality of boards have been a worry for both investors and regulators. Recently, an RBI official was in for a shock when the CEOs of state-owned banks complained about some board members. The head of a public sector bank said he and CEOs of other PSU banks were under pressure from some directors appointed by the government to approve select loan proposals. If the bank managements refuse, the directors — who are professionals — would threaten not to clear the quarterly results. That is why the PJ Nayak committee report to review governance of boards may have come as a blessing in disguise for these banks.