The government of India has appointed Challa Sreenivasulu Setty as the next chairman of State Bank of India, with effect from Aug. 28, according to a notification issued by the appointments committee of the Cabinet.
CS Setty, who is currently the managing director of SBI, will succeed the current chairman Dinesh Kumar Khara, whose term ends this month.
In October 2023, the government extended Khara's tenure for 10 months till August 2024, in an effort to extend the public sector bank chief retirement age to 63 years.
Setty's appointment has been approved for a period of three years, according to the notification.
In June, the Financial Services Institutions Bureau recommended Setty to be the next chairman of India's largest lender, succeeding Khara in August. However, back then, the final decision in the matter stayed with the government.
Besides Setty, the other SBI MDs who were front-runners for the role were Ashwini Kumar Tewari and Vinay M Tonse.
With this approval, Setty, who currently handles international banking, global markets and technology verticals as MD at SBI, would become the top executive of the bank.
Previously, he also looked after the retail and digital banking verticals, but later joined the board as an MD in 2020.
One of his important stints at India's largest lender include his role as deputy MD for the stressed assets resolution group. NDTV Profit previously reported that when Setty left the stressed assets group in FY20 due to his elevation to MD, the overall gross NPA ratio had fallen to 6.15%.
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