Government appointment selection panel Financial Services Institutions Bureau (FSIB) on Saturday selected senior-most managing director Challa Sreenivasulu Setty for the position of Chairman of the country’s largest lender State Bank of India (SBI).
Who Is Challa Sreenivasulu Setty?
Setty, who was appointed managing director in January 2020, currently looks after SBI’s International Banking, Global Markets and Technology verticals.
He will succeed Dinesh Kumar Khara, who will be superannuating on August 28, when he turns 63, the upper age limit for the position of SBI Chairman.
Setty, who also headed various task forces/committees formed by the Government of India, had earlier looked after the retail and digital banking portfolio of the bank.
A Bachelor of Science in Agriculture and also, 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 Commercial Branch, Indore and VP & Head (Syndications) in SBI, New York Branch.
Who Appoints Chairman Of SBI? What Is FSIB?
FSIB, the headhunter for directors of state-owned banks and financial institutions, interviewed three candidates on June 29, 2024 for the position.
“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 a statement.
As per the convention, the chairman is appointed from a pool of serving managing directors of SBI. Usually, the senior-most managing director becomes chairman of the bank.
The final decision on FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.
FSIB is headed by Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT).
The members of the government-appointed selection panel are the Financial Services Secretary, the Department of Public Enterprises Secretary and an RBI Deputy Governor.
Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, RBI’s ex-executive director Deepak Singhal, and Shailendra Bhandari, former MD of erstwhile ING Vysya Bank.
