C S Setty appointed new SBI chairman for 3 years

The government on Tuesday appointed Challa Sreenivasulu Setty as chairman of the country's biggest lender State Bank of India (SBI) for a period of three years.

Setty, currently senior most MD of the bank, will replace incumbent chairman Dinesh Kumar Khara on August 28.

The Appointments Committee of the Cabinet ACC has approved the proposal of the Department of Financial Services for the appointment of Challa Sreenivasulu Setty as chairman of SBI for a period of three years with effect from the date of assumption of charge, a government order said.

Khara will be superannuating on August 28, when he turns 63, the upper age limit for the position of SBI chairman.

Besides, the government has also appointed Rana Ashutosh Kumar Singh to take over as managing director (MD) at SBI.

SBI, the country's largest lender, has a chairman assisted by four MDs.

Singh, currently DMD, will serve as MD on June 30, 2027, the age of superannuation, another order said.

Setty, who also headed various task forces and 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.

He has rich experience in Corporate credit, retail, digital and international banking and banking in developed markets.