On Tuesday, the government appointed Challa Sreenivasulu Setty as Chairman of the State Bank of India (SBI), the country’s largest lender, for a three-year term.
Setty, currently the senior-most MD of SBI, will take over from the incumbent chairman Dinesh Kumar Khara on August 28.
The Appointments Committee of the Cabinet (ACC) has approved the Department of Financial Services’ proposal to appoint Setty as chairman of SBI for three years, starting from the date he assumes office, according to a government order.
Khara will retire on August 28, upon reaching the age limit of 63 for the position of SBI chairman.
Additionally, the government has appointed Rana Ashutosh Kumar Singh as the new managing director (MD) of SBI. Singh, currently a DMD, will serve as MD until his superannuation on June 30, 2027, as stated in another order.
SBI, the country’s largest lender, operates with a chairman assisted by four MDs.
Setty, who has led various task forces and committees for the Government of India, previously oversaw the bank’s retail and digital banking portfolio. A Bachelor of Science in Agriculture and a Certified Associate of the Indian Institute of Bankers, Setty began his career with SBI in 1988 as a Probationary Officer. He has extensive experience in corporate credit, retail banking, digital banking, international banking, and banking in developed markets.
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