Centre approves appointments of new Chairman, Managing Director of State Bank of India

New Delhi: The central government has approved the appointment of a new Chairman and Managing Director of the State Bank of India (SBI) as the current Chairman, Dinesh Kumar Khara, is set to retire on August 28.

According to a notification by the Department of Personnel & Training, the Appointments Committee of the Cabinet (ACC) on August 6 approved the proposal of the Department of Financial Services for the appointment of Challa Sreenivasulu Setty as chairman of SBI.

The ACC has approved the appointment of Setty, 59, the current Managing Director (MD) of SBI as the new Chairman of the country's biggest lender, for a period of three years, effective from the date he assumes office, on or after August 28, 2024.

The government order states, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment of Shri Challa Sreenivasulu Setty (DOB: 26.09.1965), Managing Director (MD), State Bank of India (SBI) as Chairman, SBI for a period of three (03) years w.e.f. the date of assumption of charge of the office, on or after 28.08.2024."

Additionally, Rana Ashutosh Kumar Singh, the current Deputy Managing Director (DMD) of SBI, has been appointed as the new Managing Director. His appointment will take effect from the date he assumes office.

The government order read, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Rana Ashutosh Kumar Singh, Deputy Managing Director (DMD), State Bank of India (SBI) as Managing Director (MD) in SBI with effect from the date of assumption of office."

According to SBI, Challa Sreenivasulu Setty joined the Board of SBI as Managing Director in January 2020 and currently oversees International Banking, Global Markets, and Technology wings of the Bank. He has previously headed the Retail & Digital Banking vertical and various task forces/committees formed by the Government of India.

Setty holds a Bachelor of Science in Agriculture and is a Certified Associate of the Indian Institute of Bankers. He began his career with SBI in 1988 as a Probationary Officer. Over his three-decade-long career, he has gained rich experience in corporate credit, retail, digital, and international banking, as well as banking in developed markets.

Setty has also held key positions within SBI, including Deputy Managing Director - Stressed Assets Resolution Group, Chief General Manager, and General Manager in the Corporate Accounts Group, Deputy General Manager in the Mid-Corporate Group, and Vice President & Head (Syndications) at SBI's New York Branch. (ANI)