Sidharth Rath, currently serving as the Managing Director and Chief Executive Officer of State Bank of Mauritius (India), is set to depart from his position on 16 November, as indicated in an official filing made by the Mauritian group.
This decision has been conveyed through an announcement on the Stock Exchange of Mauritius by SBM Holdings Ltd, the bank’s parent company. The statement reports: “SBM Holdings Ltd, the ultimate parent of SBM Bank India Limited (SBMBI), wishes to inform its shareholders and the general public that Mr. Sidharth Rath, Managing Director & CEO of SBMBI, has tendered his resignation via a letter dated 12 October 2023. The Board of Directors of SBMBI has accepted his resignation during their meeting on 12 October 2023.” It’s important to note that Rath will continue to fulfill his duties as Managing Director and CEO until the close of business on 16 November 2023, pending approval from the Reserve Bank of India (RBI).
Furthermore, the bank has applied to the RBI for approval of the appointment of the new Managing Director & CEO, whose identity remains undisclosed at this time.
SBM Bank (India) Ltd. commenced operations on 1st December 2018 as the 1st universal bank in the country to receive a banking license from the Reserve Bank of India (RBI) through the Wholly Owned Subsidiary (WOS) route. We have a network of 12 branches spread across the country, namely Mumbai, New Delhi, Chandigarh, Pune, Bengaluru, Chennai, Hyderabad, Ahmedabad, and Kolkata, also including the rural centres like R.C Puram, Galtare and Abitghar in Palghar have begun to build a multichannel digital product suite to cater to customer’s needs.
The Bank is headquartered in Mumbai and has 600+ employees across the country. The Bank has 3 business divisions – Corporate, Retail and Treasury – through which it caters to its customers across India – comprising retail customers, MSMEs, NRIs as well as large corporates and institutions.