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The Financial Services Institutions Bureau (FSIB) has recommended the appointment of Challa Sreenivasulu Setty for the position of Chairman in State Bank of India.
Setty currently is the senior most Managing Director heading Global Markets & Technology, at India’s largest bank. SBI Chairman Dinesh Kumar Khara’s tenure ends in August 2024.
Besides Setty (who has been MD since January 20, 2020), the Bureau interfaced with two candidates, both Managing Directors – Ashwini Kumar Tewari (MD since January 28, 2021) and Vinay M Tonse (MD since November 2023).
“”Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Challa Sreenivasulu Setty for the position of Chairman in SBI,” FSIB said.
Setty will be the 27th Chairman of SBI, which came into existence on July 1, 1955, taking over the business of the Imperial Bank.
Meanwhile, SBI said Alok Kumar Choudhary, Managing Director (Risk, Compliance & SARG) will be superannuating from the services of the Bank on June 30, 2024.
In April 2024, FSIB had recommended Rana Ashutosh Kumar Singh for the position of MD in SBI. Currently, he is Deputy Managing Director (Retail – Personal Banking & Real Estate)
SBI had reported its highest standalone quarterly net profit at Rs 20,698 crore in the fourth quarter of FY24 against Rs 16,695 crore in the year-ago quarter.
As on March-end 2024, gross advances increased by 15.24 per cent yoy to Rs 37,67,535 crore. Total deposits rose 11.13 per cent to Rs 49,16,077 crore.
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