The Financial Services Institutions Bureau (FSIB) has recommended Challa Sreenivasulu Setty, the senior most managing director of State Bank of India (SBI), to assume the role of Chairman. Setty, currently overseeing International Banking, Global Markets, and Technology at SBI, is set to succeed Dinesh Kumar Khara, who will reach the mandatory retirement age of 63 on August 28.
Three candidates were interviewed by FSIB on June 29, 2024, for the prestigious position. In their statement, FSIB highlighted Setty’s performance, extensive experience, and alignment with existing criteria as decisive factors in their recommendation.
According to convention, the Chairman of SBI is selected from among its serving managing directors. FSIB’s recommendation now awaits approval from the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, which will make the final decision.
FSIB, led by former Department of Personnel and Training Secretary Bhanu Pratap Sharma, comprises key officials such as the Financial Services Secretary, Department of Public Enterprises Secretary, and a Deputy Governor of the Reserve Bank of India (RBI). Other members include industry veterans Animesh Chauhan, Deepak Singhal, and Shailendra Bhandari.
The appointment of Challa Sreenivasulu Setty is poised to bring continuity and leadership to India’s largest public sector bank, subject to ACC’s endorsement.