In a significant development for the banking sector, Challa Sreenivasulu Setty has been appointed as the new chairman of the State Bank of India (SBI). This major announcement came on Tuesday, with Setty set to begin his three-year term on or after August 28. The decision was approved by the Appointments Committee of the Cabinet, marking a new chapter for India’s largest public sector bank.
Setty will be stepping into the shoes of Dinesh Khara, the current chairman, whose term concludes on August 28 as he reaches the age of 63, the upper limit for the position. This change is part of a carefully planned leadership transition within the bank.
In addition to Setty’s appointment, Rana Ashutosh Kumar Singh has been named the next managing director (MD) of SBI. Singh will take over the MD role from Setty, who has been serving in this capacity.
The journey to this leadership role began on June 30, when the Financial Services Institutions Bureau (FSIB), a government body, selected Setty as the next chairman of SBI. Setty was chosen over two other strong contenders, Ashwini Tiwari and Vinay Tonse, who also serve as MDs at SBI. All three candidates participated in an interview process for the chairman position.
The FSIB cited Setty’s performance, experience, and overall qualifications as reasons for his selection. “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 FSIB stated.
With a career spanning about 35 years at SBI, Setty brings a wealth of experience to his new role. He currently oversees international banking, global markets, and technology for the bank. Setty’s journey with SBI has been marked by various significant roles and achievements. He took charge as MD in January 2020, showcasing his leadership and expertise.
Setty’s academic background includes a Bachelor of Science in Agriculture, and he is a certified associate of the Indian Institute of Bankers. His diverse experience and deep understanding of banking make him a fitting choice to lead SBI into the future.
As Setty prepares to take on his new responsibilities, the SBI community and its stakeholders look forward to a period of continued growth and innovation under his leadership.
