FSIB recommends CS Setty for SBI Chairman’s post

The Financial Services Institutions Bureau (FSIB), the body which selects the Chairman and MDs of public sector banks and insurance companies, has recommended the name of Challa Sreenivasulu Setty as the next Chairman of State Bank of India.

FSIB interfaced with the candidates for the position of Chairman in State Bank of India (SBI), FSIB said. “Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Setty for the position of Chairman in SBI,” it said.

SBI’S current Chairman Dinesh Kumar Khara is retiring on August 28, when he turns 63. He was given an extension in October 2023. Khara was appointed the chairman of SBI on October 7, 2020.

Setty, currently a Managing Director, is looking after international banking, global markets and technology of the bank. He was appointed as MD in 2020.

Three managing directors (MDS) of the SBI — C.S. Setty, Ashwini Kumar Tewari and Vinay M. Tonse – appeared for the Chairman’s interview. Alok Kumar Choudhary, senior most MD of SBI, is retiring on June 30. Unlike other PSU banks, SBI Chairman is selected from one of its MDS.

The final decision on the appointment of the SBI Chairman will be made by the Appointments Committee of the Cabinet (ACC) headed by the Prime Minister.