Government Appoints Challa Sreenivasulu Setty as SBI Chairman

On August 6, 2024, the Appointments Committee of the Cabinet (ACC) approved the appointment of Challa Sreenivasulu Setty as the Chairman of the State Bank of India (SBI). Setty, currently the senior-most Managing Director (MD) of SBI, will assume the role on August 28, 2024, succeeding Dinesh Kumar Khara, who will retire upon reaching the age limit of 63 for the position.

Appointment Details

Setty’s tenure as Chairman will be for three years, beginning from the date he takes office. The ACC’s decision follows a recommendation from the Financial Services Institutions Bureau (FSIB), an autonomous body under the Central Government. Setty’s extensive experience encompasses corporate credit, retail banking, digital banking, international banking, and banking in developed markets. He began his career with SBI in 1988 as a Probationary Officer and has since led various significant portfolios and task forces.

New MD Appointment

Alongside Setty’s appointment, Rana Ashutosh Kumar Singh has been appointed as a new MD at SBI. Singh, who is currently a Deputy Managing Director (DMD) at the bank, will assume the role on June 30, 2027, which is the age of his superannuation. This appointment aligns with SBI’s structure, where the Chairman is supported by four MDs.

Background of Setty

Setty holds a Bachelor of Science in Agriculture and is a Certified Associate of the Indian Institute of Bankers. His leadership and contributions to various task forces and committees formed by the Government of India highlight his profound expertise in the banking sector.