Challa Sreenivasulu Setty Appointed As Next SBI Chairman

The Financial Services Institutions Bureau (FSIB) on Saturday selected SBI's senior most managing director CS Setty for the post of SBI Chairman.

Mr Setty is currently the managing director of SBI, looking after International Banking, Global Markets and Technology verticals.

He will succeed Dinesh Kumar Khara, who will be superannuating on August 28, when he turns 63, the upper age limit for the position of SBI chairman.

FSIB, the headhunter for directors of state-owned banks and financial institutions, interviewed 3 candidates on June 29, 2024 for the position.

"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," FSIB said in a statement.

As per the convention, the chairman is appointed from a pool of serving managing directors of SBI. FSIB will recommend the name to the Appointments Committee of the Cabinet (ACC) which will take the final decision in this regard. ACC is headed by Prime Minister Narendra Modi.

FSIB is headed by Bhanu Pratap Sharma, former secretary of Department of Personnel and Training (DoPT).

The members of the bureau include Financial Services Secretary, Department of Public Enterprises Secretary and an RBI Deputy Governor.

Other members are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, RBI's ex-executive director Deepak Singhal, and Shailendra Bhandari, former MD of erstwhile ING Vysya Bank.

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