FSIB appoints Challa Sreenivasalu Setty as SBI's 27th chairman, replaces Dinesh Khara

Financial Services Institution Bureau (FSIB) has selected Challa Sreenivasulu Setty arsenic the adjacent president of State Bank of India (SBI). Ashwini Tiwari and Vinay Tonse were 2 different contenders to the post.

Setty volition win the existent chairman, Dinesh Khara, erstwhile helium turns 63, the precocious property bounds for the presumption of SBI Chairman. His word is scheduled to extremity successful August 2024.

FSIB’s determination came successful information of the wide acquisition of the contenders. “Keeping successful presumption their show successful the interface, their wide acquisition and the extant parameters, the Bureau recommends Challa Sreenivasulu Setty for the presumption of Chairman successful SBI,” said the fiscal body.

Setty would articulation arsenic the 27th Chairman of SBI. Meanwhile, Alok Kumar Choudhary, Managing Director (Risk, Compliance & SARG) volition beryllium superannuating from the services of the bank, w.e.f. from June 30, 2024, said the SBI.

Currently, Setty is the elder astir Managing Director, and has worked for 35 years astatine the bank. He had been appointed arsenic the MD successful 2020, and heads planetary banking, planetary markets and technology, astatine SBI. Challa Sreenivasalu Setty has a Bachelor’s grade successful Agricultural Science, and has received his certification from the Indian Institute of Bankers.

Over the years, Setty has led cardinal roles successful State Bank of India, including Deputy Managing Director - Stressed Assets Resolution Group, Chief General Manager and General Manager successful Corporate Accounts Group, Deputy General Manager successful Commercial Branch, Indore and VP & Head (Syndications) successful SBI, New York Branch.

SBI had reported its highest standalone quarterly nett net astatine ₹20,698 crore successful the 4th fourth of FY24. It made astir a two-fold leap arsenic against ₹16,695 crore successful the year-ago quarter. As of March-end 2024, gross advances accrued by 15.24 per cent yoy to ₹37,67,535 crore. Total deposits roseate by 11.13 per cent to ₹49,16,077 crore.

Apart from Bhanu Pratap Sharma, who heads FSIB, Animesh Chauhan, erstwhile president and MD of erstwhile Oriental Bank of Commerce, RBI's ex-executive manager Deepak Singhal, and Shailendra Bhandari, erstwhile MD of erstwhile ING Vysya Bank were the others among the government-appointed enactment sheet for the assignment of Setty.