Challa Sreenivasulu Setty Named New Chairman of SBI

The central government has approved Challa Sreenivasulu Setty as the new Chairman of the State Bank of India, effective August 28, 2024. Rana Ashutosh Kumar Singh will become the new Managing Director. The appointments follow the upcoming retirement of current Chairman Dinesh Kumar Khara.

The central government has greenlit the appointment of Challa Sreenivasulu Setty as the new Chairman and Managing Director of the State Bank of India (SBI), as current chairman Dinesh Kumar Khara is set to retire on August 28. The Appointments Committee of the Cabinet (ACC) approved the proposal on August 6 following a recommendation by the Department of Financial Services.

Setty, currently serving as the Managing Director (MD) of SBI, will take over as Chairman for a three-year term starting on or after August 28, 2024. According to the government order, the ACC has officially sanctioned the transition for Setty, who was born on September 26, 1965.

Furthermore, Rana Ashutosh Kumar Singh, the present Deputy Managing Director (DMD) of SBI, has been appointed the new MD. His tenure will commence once he assumes office. The government notification confirmed that the ACC has endorsed the proposal to elevate Singh from his current role.

Challa Sreenivasulu Setty has had an illustrious career with SBI, joining the board as MD in January 2020. He currently oversees International Banking, Global Markets, and Technology divisions. Setty's notable roles within the bank include Deputy Managing Director of Stressed Assets Resolution Group and Chief General Manager.

Additionally, Setty has extensive experience in corporate credit, retail, digital, and international banking, including heading various task forces formed by the Government of India. His academic credentials include a Bachelor of Science in Agriculture, and he is also a Certified Associate of the Indian Institute of Bankers.

(With inputs from agencies.)