Challa Sreenivasulu Setty has been selected as the next chairman of State Bank of India (SBI) by the Financial Services Institution Bureau (FSIB), an arm of the central government. The two other contenders were Ashwini Tiwari and Vinay Tonse. Setty will succeed current chairman Dinesh Khara, whose term ends on August 28.
Setty is managing director at SBI, the country’s largest state-owned bank. Tiwari and Tonse are the other two MDs who were called for interview by the FSIB on Saturday.
“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 said.
The FSIB is headed by Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training, while a deputy governor of the Reserve Bank of India is a member.
Setty, who has worked for SBI for about 35 years, heads international banking, global markets and technology at the lender. A career banker, he took charge as MD of SBI in January 2020. He holds a Bachelor of Science in Agriculture and is a certified associate of the Indian Institute of Bankers.
