Public sector lender State Bank of Hyderabad has appointed Mr M Bhagavantha Rao as the new managing director of the bank.

Rao has taken the post in place of Ms Renu Challu who has now been posted with State Bank of India in the head office.

With a career in banking from the year 1977, Rao has since then been associated with the State Bank Group. He started off as probationary officer with SBI in 1977 and since then served in various roles and functions with the banking major.

Amongst the various posts held by Rao include General Manager in central office, Mumbai and Principal of State Bank Institute for Rural Development (SBIRD), Hyderabad.

He was previously working as chief general manager of the Bhopal Circle of SBI before taking the present post.