The Financial Services Institutions Bureau (FSIB) on Saturday recommended Challa Sreenivasulu Setty for the role of Chairman of the State Bank of India (SBI). Currently, Setty is one of the managing directors of the bank.
Sharing an official notification, the FSIB said, “Keeping in view their performance in the interface, their overall experience and the extant parameters, the bureau recommends Challa Sreenivasulu Setty for the position of Chairman in SBI.”
The Bureau conducted interviews with three managing directors on Saturday for the Chairman role in the bank, reported Business Standard.
Earlier in October 2023, Dinesh Kumar Khara’s tenure as the Chairman was extended till he reaches the age of 63 on August 28, 2024. The official was appointed in the position on October 7, 2020.
Setty has been associated with the SBI board since 2020. He joined the board as a managing director and is currently overseeing the International Banking, Global Markets & Technology wings of the lender.
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Earlier, Setty was heading the Retail & Digital Banking vertical. The individual possesses a Bachelor of Science in Agriculture degree and is a Certified Associate of Indian Institue of Bankers. He began his career with the lender in 1988 as a probationary officer.
With a career over three decades, Setty has experience across the banking industry in sectors such as corporate credit, retail, digital, and international banking, along with banking in developed markets.
The banker has overseen crucial roles in SBI such as the Deputy MD - Stressed Assets Resolution Group, Chief General Manager, and General Manager in Corporate Accounts Group, etc.
The FSIB is an autonomous body that is responsible to share suggestions for appointing senior management personnel for public sector financial institutions.
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