CS Setty appointed as the next Chairman of SBI
The Financial Services Institutions Bureau (FSIB) on Saturday recommended Challa Sreenivasulu Setty, one of the managing directors of the State Bank of India (SBI), as the next chairman.
“Considering their performance during the interface, their overall experience, and the current criteria, the Bureau recommends Challa Sreenivasulu Setty for the position of Chairman at SBI,” FSIB stated in its notification.
FSIB interviewed three managing directors for the SBI chairman position.In addition to CS Setty, the other two MDs interviewed were Ashwini Kumar Tewari and Vinay M. Tonse.Led by Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT), FSIB is responsible for appointing senior executives to public sector financial institutions.
The recommendations will now be submitted to the Appointments Committee of the Cabinet, headed by the prime minister, for final approval.Incumbent chairman Dinesh Kumar Khara is set to retire on August 28, and the new chairman is expected to take charge the same day.Setty is the most senior among the three MDs interviewed for the post, having spent nearly 36 years with the bank, overseeing various critical divisions of the public sector bank.
CS Setty joined the bank’s board as MD in 2020 and currently heads the International Banking, Global Markets, and Technology departments. He has also led the Retail & Digital Banking division.
Previously, Setty held key positions in SBI, including Deputy Managing Director – Stressed Assets Resolution Group, Chief General Manager in the Corporate Accounts department, Deputy General Manager in the Mid-Corporate group, and VP & Head (Syndications) at SBI’s New York Branch.
