Challa Sreenivasulu Setty Appointed Chairman of SBI

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Challa Sreenivasulu Setty has been appointed as Chairman of the State Bank of India (SBI) for a three-year term.

An Overview of the News

• The term will start on or after August 28, 2024, and will last for three years or until further orders.

• Previous Role: Setty was previously the Managing Director at SBI, overseeing Global Markets & Technology.

• Recommendation: His appointment follows the recommendation by the Financial Services Institutions Bureau (FSIB) in June 2024.

Background:

• Setty holds a Bachelor of Science in Agriculture and is a Certified Associate of the Indian Institute of Bankers (CAIIB). 

• He joined SBI in 1988 as a Probationary Officer and has extensive experience in various banking sectors.

Current Chairman’s Retirement

• Incumbent Chairman: Dinesh Kumar Khara, the current Chairman of SBI, will retire on August 28, 2024, upon turning 63, which is the upper age limit for the position.

Appointment of Rana Ashutosh Kumar Singh as SBI Managing Director

• New Managing Director: Rana Ashutosh Kumar Singh has been appointed as Managing Director of SBI.

• Current Role: Singh is currently the Deputy Managing Director.

• Term Details: He will hold the post of Managing Director till June 30, 2027 or until further orders.

About State Bank of India:

• Origin: Began as the Bank of Calcutta in 1806, renamed Bank of Bengal in 1809. Followed by the Bank of Bombay (1840) and the Bank of Madras (1843).

• 1921: Merged to form the Imperial Bank of India.

• 1955: Nationalized and renamed State Bank of India (SBI) following the Gorwala Committee's recommendation.

• Current Status: SBI is the largest commercial bank in India.

  • Chairman: Challa Sreenivasulu Setty

  • Managing Director:  Rana Ashutosh Kumar Singh

  • Headquarters: Mumbai

  • Tagline: "The Banker To Every Indian"