Challa Sreenivasulu Setty Recommended by FSIB as New SBI Chairman
Image Credits: NAGARA GOPAL/ THE HINDU
The Financial Service Institutions Bureau (FSIB) recommended Challa Sreenivasulu Setty, the senior-most managing director of the State Bank of India, as the next chairman of the nation’s largest lender. He is potentially the next chairman of the State Bank of India after current chairman Dinesh Kumar Khara, who will be superannuating on August 28, when he turns 63, the upper age limit for the position of Chairman in SBI.
Meanwhile, the other two contenders for the post were Ashwini Kumar Tewari and M. Tonse, who are also the managing directors of the bank. All of them were interviewed by the FSIB panel on June 29, after which they recommended the name of Mr. Setty. The final decision for the appointment is taken by the committee headed by the Prime Minister, but normally the committee goes ahead with the FSIB recommendation.
FSIB is headed by Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT). The members of the bureau include the Financial Services Secretary, the Department of Public Enterprises Secretary, and an RBI Deputy Governor. It is an autonomous body responsible for making recommendations to appoint senior executives to public sector financial institutions.
Setty will take charge as the chairman on August 28 if all goes as per the plan. He is the senior-most managing director with nearly 36 years of service at SBI. He looks after International Banking, Global Markets, and technological verticals for SBI.
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