BBB recommends C S Setty for post of MD, SBI

The Banks Board Bureau (BBB) on Thursday recommended the name of C S Setty for the post of Managing Director of State Bank of India (SBI).

The post fell vacant after the resignation of Ansula Kant, who was appointed managing director and chief finance officer of the World Bank earlier this year.

Setty is currently serving as deputy managing director at SBI.

The country's largest lender SBI has four managing directors and one chairman.

Declaring the result of the selection process, BBB said SBI Deputy Managing Director Ashwani Bhatia has been placed as the wait list candidate for the post.

Interviews for the post was conducted on Wednesday in which 17 candidates appeared from both SBI and other public sector banks.

The decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

The Banks Board Bureau is headed by former Department of Personnel and Training Secretary B P Sharma.

The Prime Minister, in 2016, approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of public sector banks (PSBs).

It was also entrusted with the task of engaging with the board of directors of all PSBs to formulate appropriate strategies for their growth and development.

Besides, it was asked to frame strategy discussion on consolidation based on requirement. The government wanted to encourage bank boards to restructure their business strategy and also suggest ways for their consolidation and merger with other banks.