Mumbai, State Bank of India has appointed Sunil Ramgopal Agrawal as its Chief Financial Officer-designate, strengthening the financial leadership of India’s largest lender. The appointment was disclosed by SBI to the stock exchanges on Wednesday, July 15, and Agrawal will assume charge as CFO from August 1, 2026.
Agrawal brings more than 27 years of experience spanning financial strategy, insurance, capital management, regulatory engagement and corporate governance. As SBI’s finance chief, he will oversee the bank’s financial planning, reporting, capital-related priorities and engagement with regulators, investors, the board and other stakeholders.
Before joining SBI, Agrawal served as Chief Financial Officer and Key Managerial Personnel at Life Insurance Corporation of India. He resigned from LIC in June to pursue other professional opportunities and ceased to hold the position at the close of business on July 14, 2026.
Agrawal joined LIC in March 2022 as a lateral appointment and led the insurer’s finance function during an important period following its stock-market listing. His responsibilities included financial planning, capital management, financial reporting, investor relations and regulatory engagement. He also supported strategic initiatives, strengthened financial processes and worked closely with the organisation’s board, regulators and investors.
Earlier, Agrawal spent more than 12 years with Reliance Nippon Life Insurance, including as Chief Financial Officer. His professional background also includes experience at ICICI Prudential Life Insurance Company. These roles gave him extensive exposure to financial control, regulatory reporting and the management of finance functions within large, regulated financial institutions.
Agrawal is a Chartered Accountant and also holds a bachelor’s degree in computer science engineering. His combined financial and technical background adds experience across conventional finance leadership as well as the increasingly data- and technology-driven requirements of large financial institutions.
The appointment brings an executive with extensive insurance-sector and capital-management experience into SBI’s senior leadership. His familiarity with public-sector financial institutions, regulatory processes and investor communication will be particularly relevant as the bank manages financial governance, capital allocation and long-term growth across its extensive domestic and international operations.
State Bank of India is a Mumbai-headquartered public-sector banking and financial services institution with an extensive domestic and international presence. The bank provides retail, corporate, investment and digital banking services, along with treasury, wealth management and other financial solutions through its subsidiaries and associate businesses. SBI plays a central role in India’s banking system and serves individuals, businesses, institutions and government entities across the country.
