Govt Names Challa Sreenivasulu Setty As SBI's New Chairman

On July 3, the Financial Services Institutions Bureau (FSIB), an autonomous body under the central government, recommended Setty for the position of Chairman.

Setty’s appointment is scheduled to come into effect on or after August 28, 2024

Source : X

The Appointments Committee of the Cabinet (ACC) announced on Tuesday that it has approved the Department of Financial Services' proposal to appoint Challa Sreenivasulu Setty as the Chairman of the State Bank of India (SBI). Setty will succeed Dinesh Khara, and his appointment is scheduled to come into effect on or after August 28, 2024. He will serve a term of three years after that, according to the ACC statement.

On July 3, the Financial Services Institutions Bureau (FSIB), an autonomous body under the central government, recommended Setty for the position of Chairman. Setty, who is currently one of the managing directors at SBI, was selected for this role based on the FSIB's recommendation.

Setty holds a Bachelor of Science degree in Agriculture and is a certified associate of the Indian Institute of Bankers. Prior to his appointment as Managing Director (MD) in 2020, Setty held several significant roles at the State Bank of India (SBI). These positions included Deputy MD of the Stressed Assets Resolution Group, Chief General Manager in the Corporate Accounts Group, and Vice President and Head of Syndications at SBI’s New York branch.

As MD, Setty initially focused on leading the retail and digital banking sectors before taking on his current responsibilities. His tenure as MD was extended by two years in January 2023.

Additionally, the ACC approved the appointment of Rana Ashutosh Kumar Singh, presently serving as a Deputy Managing Director (DMD) at SBI, to one of the Managing Director (MD) positions at the bank. This appointment will start from the date he assumes office and will continue until his retirement, which is set for June 30, 2027, or until further orders, whichever comes first.