Mumbai — State Bank of India (SBI), the country’s largest public sector lender, has released the final list of candidates contesting for shareholder director positions on its Central Board. The election is scheduled to take place during the bank’s General Meeting of Shareholders on May 15, 2026.
The meeting will be conducted virtually through video conferencing and other audio-visual means, in line with regulatory requirements. Shareholders will vote to elect four directors under Section 19(c) of the State Bank of India Act, 1955.
Eight Candidates in the Race
SBI confirmed that eight candidates have been deemed valid after scrutiny under governance norms set by the Reserve Bank of India (RBI). The nominees bring diverse expertise spanning banking, finance, insurance, law, technology, and corporate governance.
The candidates are:
- Arun Ananth Kamath — A former compliance leader with international banking experience, having worked with institutions such as Deutsche Bank and American Express Bank, as well as the Reserve Bank of India.
- K. R. Ashok — Former Executive Director and Chief Actuary at Life Insurance Corporation of India (LIC), with over 35 years in the life insurance industry.
- Dharmendra Singh Shekhawat — A chartered accountant and current shareholder director on SBI’s board, with prior board experience at Indian Oil Corporation.
- Khurshed Rustom Dordi — A seasoned banker and strategic advisor with global exposure in banking and capital markets.
- Deepak Arora — A corporate law and insolvency expert with more than two decades of advisory experience.
- Sandeep Natwarlal Shah — A senior finance and audit professional with 44 years of experience and active involvement in committees of the Institute of Chartered Accountants of India (ICAI).
- Sandhya Shekhar — A digital transformation and ESG advisor with extensive global consulting experience.
- Sanjay Kapoor — A financial consultant and former independent director at Indian Oil Corporation.
Strengthening Governance Framework
The election is part of SBI’s statutory governance process and aligns with the RBI’s Commercial Banks Governance Directions, 2025. Shareholder directors play a critical role in strengthening board oversight, ensuring transparency, and contributing to strategic decision-making.
By bringing in professionals from varied domains, SBI aims to enhance the effectiveness of its Central Board and maintain strong governance standards in a rapidly evolving financial environment.
Transparent Election Process
SBI has made detailed profiles and disclosures of all candidates available on its official website, allowing shareholders to review their qualifications and experience before casting their votes.
This move reflects the bank’s continued emphasis on transparency, accountability, and shareholder participation in key governance decisions.
