Financial Services Institution Bureau (FSIB) has selected Challa Sreenivasulu Setty as the next chairman of State Bank of India (SBI). Ashwini Tiwari and Vinay Tonse were two other contenders to the post.
Setty will succeed the current chairman, Dinesh Khara, when he turns 63, the upper age limit for the position of SBI Chairman. His term is scheduled to end in August 2024.
FSIB’s decision came in consideration of the overall experience of the contenders. “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,” said the financial body.
Setty would join as the 27th Chairman of SBI. Meanwhile, Alok Kumar Choudhary, Managing Director (Risk, Compliance & SARG) will be superannuating from the services of the bank, w.e.f. from June 30, 2024, said the SBI.
Currently, Setty is the senior most Managing Director, and has worked for 35 years at the bank. He had been appointed as the MD in 2020, and heads international banking, global markets and technology, at SBI. Challa Sreenivasalu Setty has a Bachelor’s degree in Agricultural Science, and has received his certification from the Indian Institute of Bankers.
Over the years, Setty has led key roles in State Bank of India, 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.
SBI had reported its highest standalone quarterly net profit at ₹20,698 crore in the fourth quarter of FY24. It made around a two-fold jump as against ₹16,695 crore in the year-ago quarter. As of March-end 2024, gross advances increased by 15.24 per cent yoy to ₹37,67,535 crore. Total deposits rose by 11.13 per cent to ₹49,16,077 crore.
Apart from Bhanu Pratap Sharma, who heads FSIB, 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 were the others among the government-appointed selection panel for the appointment of Setty.