R Sridharan is to take over as acting chairman of the country's largest lender State Bank of India from O P Bhatt, with the latter's superannuation on Wednesday.
Sridharan, is currently managing director and group executive (Associates and Subsidiaries) at the bank. He would take over as acting chairman from 1April, according to a source close to the development.
Starting his careers with the bank in 1972, Sridharan has been with the top lender throughout.
A graduate from the University of Madras, Sridharan took over his current position in December 2008.
Though the ministry of finance had reportedly decided on deputy managing director Pratip Chaudhuri as Bhatt''s successor, but pending a formal announcement it has appointed an acting chairman.
The development means that the State Bank of India, the country's largest lender with a 25-per cent market share, would not only be without a full-time chairman but would also have four of its five executive board positions vacant.