The Appointments Committee of the Cabinet (ACC) has approved a proposal to appoint Challa Sreenivasulu Setty as Chairman of State Bank of India (SBI), the country’s largest commercial bank, for a three-year term.
The three-year period will be valid from the date of his assumption of charge of the office, on or after August 28, or until further orders, whichever is earlier, the Department of Personnel & Training (DoPT) said in an order on Tuesday.
Before this elevation as Chairman, Setty was the SBI Managing Director heading Global Markets & Technology.
In June this year, the Financial Services Institutions Bureau (FSIB) recommended the name of Challa Sreenivasulu Setty for being appointed SBI Chairman.
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A Bachelor of Science in Agriculture and also a Certified Associate of the Indian Institute of Bankers (CAIIB), Setty started his career with SBI in 1988 as a Probationary Officer.
He has extensive experience in corporate credit, retail banking, digital banking, international banking and banking in developed markets.
Incumbent SBI Chairman Dinesh Kumar Khara will be superannuating on August 28, when he turns 63, the upper age limit for the position of SBI chairman.
Meanwhile, another DoPT order said the ACC approved Rana Ashutosh Kumar Singh’s appointment as Managing Director of the State Bank of India.
Singh, currently Deputy Managing Director, will become MD with effect from the day he assumes office and up to the date of attaining the superannuation age (June 30, 2027) or until further orders, whichever is earlier, according to DoPT order.