Government Names Challa Sreenivasulu Setty as New Chairman of SBI

The Appointments Committee of the Cabinet (ACC) approved Challa Sreenivasulu Setty's appointment as the next chairman of the State Bank of India (SBI) on August 6, that will effective on August 28, 2024. Setty, currently the most senior Managing Director at SBI, will succeed Dinesh Kumar Khara. Following the Financial Services Institutions Bureau's (FSIB) recommendation on July 3, the ACC has sanctioned Setty's term for three years. The government formally announced Setty's appointment to lead India's largest lender in a legal order, noting that his term will commence on the day he assumes the new position.

Appointment of Rana Ashutosh Kumar Singh as Managing Director

The Appointments Committee of the Cabinet (ACC) has approved the appointment of Rana Ashutosh Kumar Singh, currently serving as a Deputy Managing Director (DMD) at SBI, to the position of Managing Director. His tenure will commence on the date he assumes office and will continue until he reaches the age of superannuation on June 30, 2027, or until further orders, whichever comes first. Singh will replace Dinesh Kumar Khara, who will retire on August 28 upon turning 63, the upper age limit for the position of SBI chairman.

SBI's Leadership Structure

SBI, the country's largest lender, is led by a chairman and assisted by four Managing Directors. Singh, currently a DMD, will serve as Managing Director until his superannuation or further orders. The ACC's decision reinforces the leadership team at SBI, ensuring continuity and stability within the organization.

Setty’s Role and Responsibilities

Challa Sreenivasulu Setty, one of the four Managing Directors at SBI, currently oversees the international banking, global markets, and technology departments of the bank. His new appointment as chairman, along with Singh's elevation to Managing Director, marks a significant shift in SBI's leadership.

Professional Background and Expertise of Challa Sreenivasulu Setty

Challa Sreenivasulu Setty, who previously led various task forces and committees formed by the Government of India, has also managed SBI's retail and digital banking portfolios. He holds a Bachelor of Science in Agriculture and is a Certified Associate of the Indian Institute of Bankers. Setty began his career with SBI in 1988 as a Probationary Officer. Over the years, he has gained extensive experience in corporate credit, retail banking, digital banking, international banking, and banking in developed markets.

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