Business
Govt Opens SBI MD Post To Private Sector For The First Time In Indian Banking History
New Delhi: For the first time in Indian banking history, the government has allowed professionals from the private sector to apply for senior leadership positions in public-sector banks, including the esteemed position of managing director at the State Bank of India, as reported by NDTV Profit.
According to a communication reviewed by NDTV Profit, the Appointments Committee of the Cabinet has approved revised consolidated guidelines for the appointment of Whole-Time Directors, including Chairpersons, CEOs, MDs and Executive Directors in public-sector banks and state-run insurance companies.
The reform represents a significant change in the selection process for MDs and CEOs in public financial institutions. The move is part of a larger initiative to uphold merit-based hiring, competition and transparency at the top echelons of the financial system.
Eligibility for SBI MD role
Private sector applicants are now eligible to apply for the SBI MD position under the new structure, as long as they fulfill strict eligibility requirements. Candidates must have at least 21 years of professional experience and at least 15 years of banking experience. Applicants must have served either two years at the board level of a bank or three years at the highest level below the board.
Independent HR agencies to assess applicants for SBI MD
The Financial Services Institutions Bureau which is in charge of proposing candidates for top financial sector posts, has been empowered to engage independent HR firms to evaluate private-sector applicants. Notably, the government has set aside the Annual Performance Appraisal Reports from the evaluation process which highlights a shift towards a more contemporary and performance-based assessment paradigm.
The Department of Financial Services under the Ministry of Finance has formally communicated these changes to public-sector banks and state-owned insurers, defining the revised appointment procedures.
Professionalism and accountability in public-sector banking
According to officials, the move is anticipated to draw elite talent from the public and private sectors, promoting increased professionalism and responsibility in banking leadership in the public sector.
“This reform aims to bring transparency, diversity, and merit-based selection in leadership roles across India’s financial institutions,” said a senior official as quoted by NDTV
A Southwest Airlines Boeing 737 airplane lands at Los Angeles International Airport after arriving from Chicago on March 7, 2026 in Los Angeles, California.
Kevin Carter | Getty Images
Southwest Airlines forecast second-quarter earnings below analyst estimates, citing higher fuel prices, while holding off on updating its full-year 2026 forecast.
Southwest expects to earn between 35 cents and 65 cents a share in the current quarter, while analysts polled by LSEG expected 55 cents a share.
The airline in January forecast earnings per share of $4 this year, saying that it expected its new initiatives would pay off. Southwest has sought to increase revenue with checked bag fees and seat assignment fees.
“Achieving this outcome would require lower fuel prices and/or stronger revenue performance to offset higher fuel expense. The Company expects to provide updates to this guidance as appropriate,” Southwest said in an earnings release Wednesday.
Airlines have been either cutting their full-year forecasts or holding off on further forecasts because of volatile prices for jet fuel, generally their biggest expense after labor. They are also pulling back on their capacity growth plans to cut costs, which can drive up airfare when fewer seats are for sale.
Southwest said it expects its capacity to be flat to up no more than 1% in the second quarter, and unit revenues to rise by 16.5% to as much as 18.5% over last year.
“Demand continues to be strong, and we remain focused on controlling what we can control by managing costs, optimizing revenue initiatives, and directing capacity toward higher‑return opportunities,” CEO Bob Jordan said in the earnings release.
Here’s what the company reported for first quarter compared with Wall Street expectations, according to consensus estimates from LSEG:
- Earnings per share: 45 cents vs. 47 cents cents expected
- Revenue: $7.25 billion vs. $7.27 billion expected
Southwest swung to a profit of $227 million, or 45 cents a share in the first quarter, compared with a $149 million loss, or a loss of 26 cents per share, a year earlier.
Revenue rose nearly 13% to $7.25 billion compared with $6.43 billion in the year-earlier period.
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