FSIB Nominates Challa Sreenivasulu Setty as SBI Chairman

Challa Sreenivasulu Setty has been shortlisted by the Financial Services Institutions Bureau (FSIB) as the next Chairman of the State Bank of India (SBI). Current SBI Chairman Dinesh Khara will be retiring on August 28, with Setty assuming the role on the same day.

The FSIB oversees the appointment of senior executives in public-sector financial institutions. The FSIB conducted interviews for the position on June 29, following an unexpected postponement of the interviews the previous month without explanation. Among the candidates, Setty is the most senior, with nearly 36 years of service at SBI. The other two MDs interviewed are Ashwini Kumar Tewari and Vinay M. Tonse. Traditionally, the Chairman is chosen from the pool of serving Managing Directors of SBI. FSIB makes a recommendation, and the final decision rests with the Appointments Committee of the Cabinet, chaired by the Prime Minister of India, Narendra Modi.

Setty, 59, joined SBI in 1988, is a seasoned banker, and has diverse experience across major sectors at the state-run bank, including corporate banking, stressed assets, retail banking, and international assignments in New York. Since becoming MD in January 2020, he has overseen risk management, compliance, stressed asset resolution, and retail operations. He currently heads international banking, global markets, and technology. He holds a bachelor’s degree in agriculture and is a certified associate of the Indian Institute of Bankers (now the Indian Institute of Banking and Finance).

Further, the bank has announced that Alok Kumar Choudhary, Managing Director (Risk, Compliance, and SARG) of the State Bank of India (SBI), superannuated from the services on June 30, 2024.

Viswanathan Ramanathan, Deputy Managing Director (Internal Audit), retired from the services of the bank on June 30, 2024. Poludasu Kishore Kumar, Deputy Managing Director of the bank, has been entrusted with new responsibility as DMD (Internal Audit) and has assumed charge as of July 1, 2024.


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