The Financial Services Institutions Bureau (FSIB) has selected Challa Sreenivasulu Setty, the senior-most managing director, as the next Chairman of State Bank of India (SBI), the country's largest lender. Setty, who took on the role of managing director in January 2020, currently oversees International Banking, Global Markets, and Technology.

Setty will succeed Dinesh Kumar Khara, who is set to retire on August 28 upon reaching the age limit of 63. The FSIB, responsible for selecting directors of state-owned banks, interviewed three candidates for the position on June 29, 2024.

"Based on their performance, experience, and other parameters, the Bureau recommends Challa Sreenivasulu Setty for the position of Chairman in SBI," the FSIB stated.

Traditionally, the chairman is chosen from the serving managing directors of SBI, with the senior-most typically assuming the role. The Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi, will make the final decision on the FSIB's recommendation.

Setty, who has headed various government task forces and committees, previously managed SBI's retail and digital banking. A Bachelor of Science in Agriculture and Certified Associate of the Indian Institute of Bankers, Setty began his SBI career in 1988 as a Probationary Officer.

His extensive experience spans corporate credit, retail, digital, and international banking, as well as roles in developed markets. He has held significant positions including Deputy Managing Director of Stressed Assets Resolution Group, Chief General Manager, and General Manager in Corporate Accounts Group.

The Financial Services Institutions Bureau (FSIB) has selected Challa Sreenivasulu Setty, the senior-most managing director, as the next Chairman of State Bank of India (SBI), the country's largest lender. Setty, who took on the role of managing director in January 2020, currently oversees International Banking, Global Markets, and Technology.

Setty will succeed Dinesh Kumar Khara, who is set to retire on August 28 upon reaching the age limit of 63. The FSIB, responsible for selecting directors of state-owned banks, interviewed three candidates for the position on June 29, 2024.

"Based on their performance, experience, and other parameters, the Bureau recommends Challa Sreenivasulu Setty for the position of Chairman in SBI," the FSIB stated.

Traditionally, the chairman is chosen from the serving managing directors of SBI, with the senior-most typically assuming the role. The Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi, will make the final decision on the FSIB's recommendation.

Setty, who has headed various government task forces and committees, previously managed SBI's retail and digital banking. A Bachelor of Science in Agriculture and Certified Associate of the Indian Institute of Bankers, Setty began his SBI career in 1988 as a Probationary Officer.

His extensive experience spans corporate credit, retail, digital, and international banking, as well as roles in developed markets. He has held significant positions including Deputy Managing Director of Stressed Assets Resolution Group, Chief General Manager, and General Manager in Corporate Accounts Group.