CS Setty gets FSIB nod to head SBI as chairman after Khara retires

The Financial Services Institutions Bureau (FSIB) on Saturday recommended Challa Sreenivasulu Setty, who is one of the managing directors of State Bank of India (SBI), as its next chairman.

“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 in its notification.

FSIB interviewed three managing directors for the position of SBI chairman.

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Besides Setty, the two other MDs who appeared for the interview include Ashwini Kumar Tewari and Vinay M. Tonse.

Headed by Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT), the FSIB is responsible for appointing senior executives to public sector financial institutions.

The recommendations now go to the Appointments Committee of the Cabinet, led by the prime minister, for final approval.

Incumbent Dinesh Kumar Khara is set to retire on 28 August and the new chairman is expected to take charge on the same day.

Shetty is the seniormost among the three MDs who were interviewed for the post. He has spent close to 36 years with the bank, overseeing various critical verticals of the public sector bank.

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Setty, who joined the bank’s board as MD in 2020, currently serves as the head of International Banking, Global Markets and Technology departments in the bank. Setty has also led the Retail & Digital Banking vertical.

Setty has led key assignments in SBI before this, including as Deputy Managing Director - Stressed Assets Resolution Group, Chief General Manager in Corporate Accounts department, Deputy General Manager in Mid-Corporate group and VP & Head (Syndications) in SBI, New York Branch.