The Appointments Committee of the Cabinet (ACC) announced on August 6 that it has approved Challa Sreenivasulu Setty’s appointment as the chairman of the State Bank of India. He is set to take on this role on or after August 28, 2024.
Setty’s tenure as chairman will span three years, as stated by the ACC. His appointment was recommended by the Financial Services Institutions Bureau (FSIB) on July 3, where he was identified as the successor to Dinesh Kumar Khara, who will retire upon reaching the age limit for the position.
Additionally, the ACC has appointed Rana Ashutosh Kumar Singh, currently a Deputy Managing Director at SBI, to the role of Managing Director. His term will commence on the date he assumes office and will continue until he reaches the age of superannuation on June 30, 2027, or until further notice, whichever occurs first.
The official notification confirmed that the Central Government has appointed Challa Sreenivasulu Setty as chairman of SBI for a period of three years, effective from the date he assumes office, on or after August 28, 2024. Similarly, Rana Ashutosh Kumar Singh will take on the role of Managing Director effective from his date of assumption of office.
Challa Sreenivasulu Setty has had a distinguished banking career spanning over 35 years at the State Bank of India (SBI), marked by several key achievements:
Setty began his career at SBI as a Probationary Officer in 1988 and has steadily climbed the ranks to become one of the managing directors. His extensive experience includes overseeing various critical verticals such as corporate banking, retail banking, and international banking, demonstrating his versatility and depth of knowledge in the banking sector.
As the Deputy Managing Director of the Stressed Assets Resolution Group (SARG), Setty played a pivotal role in managing and recovering SBI’s significant bad loans, which amounted to approximately $19.6 billion. His strategies emphasized early settlements and diligent follow-ups with defaulters, which were instrumental in improving the bank’s recovery rates.
During his tenure, Setty has also focused on enhancing SBI’s digital banking capabilities, particularly the YONO app, which is a critical component of the bank’s digital strategy. His leadership in retail and digital banking has contributed to the bank’s overall growth and modernization efforts.
Setty has international banking experience, having worked in SBI’s New York branch. This exposure has equipped him with insights into global banking practices, which he has integrated into SBI’s operations.
Setty’s appointment as the chairman of SBI, effective August 28, 2024, is a testament to his extensive experience and the respect he commands within the banking community. He was the preferred candidate among his peers, reflecting his strong performance and leadership capabilities throughout his career.
These achievements underscore Setty’s significant contributions to SBI and his readiness to lead the bank into its next phase of growth.
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