SBI plans to deploy Grahak Mitras from SBOSS to promote alternate banking channels and relieve branch pressure.

Normally deputy managing directors or chief general managers are promoted as MDs. The heads of SBI subsidiaries, such as SBI Life, SBI General, SBI Caps, and SBI Cards, are also DMDs at the bank.

Tokyo tax authorities have ordered online financial giant SBI Holdings Inc. to pay an estimated 200 million yen ($1.3 million) in taxes on the unreported income of a subsidiary, sources said.