Centre has decided to appoint Mr. Challa Sreenivasulu Setty as the new chairman of the State Bank of India (SBI), according to a document seen by Reuters on Tuesday. According to the paper, CS Setty, who will succeed Dinesh Khara, will hold office for three years beginning on August 28.
After interviewing three applicants, the Financial Services Institutions Board (FSIB) of India selected Setty to be the head of the country’s biggest lender in June. Setty, one of SBI’s four managing directors, is now in charge of the bank’s technology, global markets, and international banking divisions. According to the same document, the government has also named Rana Ashutosh Kumar Singh as the managing director of the largest bank in India based on assets.
Setty is a registered associate of the Indian Institute of Bankers and has a Bachelor of Science in Agriculture. Before 2020, Setty was appointed as Managing Director (MD) at the State Bank of India (SBI), where he held various important positions. These roles included Vice President and Head of Syndications at SBI’s New York branch, Chief General Manager in the Corporate Accounts Group, and Deputy MD of the Stressed Assets Resolution Group. Before assuming his present duties as MD, Setty concentrated on heading the retail and digital banking businesses. In January 2023, his term as MD was extended for a further two years.