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Challa Sreenivasulu Setty has been appointed as the new chairman of the State Bank of India (SBI), effective from August 28. The Appointments Committee of the Cabinet approved the decision, marking a significant leadership transition at the country's largest public sector bank.Setty, who currently serves as managing director (MD) at SBI, will succeed the incumbent chairman, Dinesh Khara, whose term concludes on August 28 as he reaches the mandatory retirement age of 63.The government has also named Rana Ashutosh Kumar Singh as the new managing director to take over from Setty. Singh's appointment comes as part of the broader leadership restructuring within the bank.

Earlier, on June 30, Setty was selected as the next chairman of SBI by the Financial Services Institutions Bureau (FSIB), a central government body. He was chosen from a shortlist that included Ashwini Tiwari and Vinay Tonse, both MDs at SBI, who were also interviewed for the position."Considering their performance in the interface, overall experience, and the existing parameters, the Bureau recommends Challa Sreenivasulu Setty for the position of chairman in SBI," the FSIB stated.Setty brings nearly 35 years of experience at SBI, where he currently oversees international banking, global markets, and technology. A seasoned banker, he assumed the role of MD in January 2020. He holds a Bachelor of Science in Agriculture and is a certified associate of the Indian Institute of Bankers.

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