FSIB recommends Challa Sreenivasulu Setty as next chairman of SBI

Dinesh Khara, the current chairman of SBI, is set to retire on August 28

The Financial Services Institutions Bureau (FSIB) on Saturday recommended Challa Sreenivasulu Setty, who is one of the managing directors of State Bank of India (SBI), as its next chairman.

“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,” FSIB said in its notification. 

FSIB interviewed three managing directors today for the position of SBI chairman. 

Earlier, Business Standard reported that FSIB would conduct interviews for the chairman’s position of the SBI on Saturday.

In October 2023, Dinesh Kumar Khara’s tenure was extended until attains the age of 63 on August 28, 2024. He was appointed as chairman of the country’s largest commercial bank on October 7, 2020.

Setty joined the SBI board as MD in 2020 and is currently heading International Banking, Global Markets & Technology wings of the country’s largest lender.

Prior to the present assignment, Setty headed the Retail & Digital Banking vertical.

A Bachelor of Science in Agriculture and a Certified Associate of Indian Institute of Bankers, he started his career with SBI in 1988 as a probationary officer. Across a career spanning over three decades, he has rich experience in Corporate credit, Retail, Digital and International banking, and banking in developed markets.

Setty has held key assignments in SBI including Deputy Managing Director - Stressed Assets Resolution Group, Chief General Manager and General Manager in Corporate Accounts Group, Deputy General Manager in Mid[1]Corporate group and VP & Head (Syndications) in SBI, New York Branch.

The FSIB is an autonomous body responsible for making recommendations for appointing senior executives to public sector financial institutions. Established in 2022, the bureau is headed by former Secretary of the Department of Personnel and Training, Bhanu Pratap Sharma, as its chairman, with the secretaries of the Department of Financial Services and the Department of Public Enterprises serving as its members, along with other expert members.