Challa Sreenivasulu Setty is set to assume the role of Chairman at the State Bank of India (SBI) on August 28, succeeding Dinesh Khara, whose term concludes this month. The Appointments Committee of the Cabinet (ACC) has approved Setty’s appointment for a three-year term, as confirmed by a recent government order.
Khara, who turns 63 on August 28, is retiring at the maximum age limit for the position. Setty, currently one of SBI’s four Managing Directors and head of international banking, global markets, and technology, began his career with the bank in 1988 as a probationary officer.
The Department of Financial Services’ proposal for Setty’s appointment was sanctioned after the Financial Services Institutions Bureau recommended him following interviews with three candidates, including SBI MDs Ashwini Kumar Tewari and Vinay Tonse. Setty’s promotion comes as SBI continues its digital transformation and achieves record profits and asset quality.
Motilal Oswal’s recent report highlighted SBI’s turnaround, noting a dramatic shift from a Rs 6,500 crore loss in FY18 to a profit of Rs 61,100 crore in FY24. The report emphasizes that SBI’s cumulative profit over the past three years is equivalent to what was earned in the previous 20 years combined.
Setty, who holds a BSc in agriculture and is a certified associate of the Indian Institute of Bankers, has previously held significant roles including Deputy MD of the stressed assets resolution group and chief GM in the corporate accounts group. His term as MD, extended in January 2023, covered retail and digital banking before his current responsibilities.
Additionally, SBI Deputy MD Rana Ashutosh Kumar Singh has been promoted to MD. Singh, responsible for retail, personal banking, and real estate, joined SBI as a probationary officer in 1991 and has over three decades of experience with the bank.
