Meet Challa Sreenivasulu Setty: The New SBI Chairman

Setty, who was appointed as Managing Director of the SBI in January 2020, currently oversees several critical areas within the bank, including International Banking, Global Markets, and Technology.

State Bank of India's (SBI) managing director Challa Sreenivasulu Setty has been appointed as the new chairman of India’s largest bank, succeeding Dinesh Khara by the government on Tuesday. Setty, who has been with SBI since 1988, held several pivotal roles throughout his career. His appointment comes at a time when the bank has shown a remarkable turnaround, achieving record profits and improved asset quality. 

Who Is Challa Sreenivasulu Setty?

Challa Sreenivasulu Setty, who was appointed as managing director of the SBI in January 2020, currently oversees several critical areas within the bank, including International Banking, Global Markets, and Technology. Setty's appointment to the role of Chairman will succeed Dinesh Kumar Khara, who will retire on August 28 at the mandatory retirement age of 63.

In addition to his current responsibilities, Setty has previously led various task forces and committees established by the Government of India. Before taking on his current roles, he managed the bank’s retail and digital banking portfolios.

Setty’s educational background includes a Bachelor of Science in Agriculture and certification as an Associate of the Indian Institute of Bankers. His career with SBI began in 1988 as a Probationary Officer. Over a career spanning more than three decades, Setty has accumulated extensive experience in corporate credit, retail and digital banking, as well as international banking, including banking operations in developed markets.

Throughout his tenure at SBI, Setty has held several prominent positions, including deputy managing director of the Stressed Assets Resolution Group, chief general manager and general manager in the Corporate Accounts Group, deputy general manager at the Commercial Branch in Indore, and vice president & head of syndications at the SBI New York Branch.

On June 29, the Financial Services Institutions Bureau recommended Challa Sreenivasulu Setty for the role of chairman after interviewing three candidates. The other two candidates considered were Ashwini Kumar Tewari and Vinay Tonse, both managing directors at SBI.