Challa Sreenivasulu Setty was appointed as the chairman of the State Bank of India on Tuesday. His tenure will be due to start for three years on or after August 28. The Appointments Committee of the Cabinet approved the decision.
The government also appointed Rana Ashutosh Kumar Singh to take over as managing director (MD) at SBI, after Setty who currently serves in the position.
Setty will be succeeding current chairman Dinesh Khara, whose term ends on August 28 as he will be turning 63, the upper age limit for the SBI’s chairman position.
Earlier, on June 30, Setty had been selected as the next chairman of State Bank of India (SBI) by the Services Institution Bureau (FSIB), an arm of the central government. The two other contenders for the position were Ashwini Tiwari and Vinay Tonse.
Tiwari and Tonse, who are the other two MDs, had been called for an interview for the chairman post.
“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.
Setty has worked for SBI for about 35 years and 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.
