The Financial Services Institutions Bureau (FSIB) has selected Challa Sreenivasulu Setty, currently the senior managing director at the State Bank of India (SBI), as the new chairman of the bank. Setty will take over from Dinesh Kumar Khara, who is set to retire on August 28, upon reaching the age limit of 63.
A New Leader for SBI
Setty, who presently oversees International Banking, Global Markets, and Technology at SBI, emerged as the top candidate following interviews conducted by the FSIB on June 29, 2024. The decision was based on the candidates' performances during the interviews, their overall experience, and other relevant criteria.
The FSIB, led by Bhanu Pratap Sharma, the former secretary of the Department of Personnel and Training (DoPT), is responsible for selecting directors of state-owned banks and financial institutions. The bureau interviewed three candidates for the position before recommending Setty.
Next Steps: ACC Approval
Following the recommendation, the FSIB will forward Setty’s name to the Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, for the final decision. Traditionally, the SBI chairman is chosen from the pool of serving managing directors within the bank.
The FSIB panel includes key figures such as the Financial Services Secretary, the Department of Public Enterprises Secretary, and a Deputy Governor of the Reserve Bank of India (RBI), along with former senior banking executives. Setty’s extensive experience and leadership within SBI are expected to guide the bank toward continued growth and innovation in the coming years.
Inputs by agencies
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