Govt names Challa Sreenivasulu Setty as new SBI Chairman

The Appointments Committee of the Cabinet (ACC) announced on August 6 that it has approved Challa Sreenivasulu Setty's appointment as the chairman of the State Bank of India. He will assume the position on or after August 28, 2024.

Setty’s appointment will last for three years, according to the ACC statement. Previously, on July 3, the Financial Services Institutions Bureau (FSIB), an autonomous body under the central government, recommended Setty, one of the managing directors of SBI, as the next Chairman of the bank.

Additionally, the ACC approved the appointment of Rana Ashutosh Kumar Singh, currently serving as a Deputy Managing Director (DMD) at SBI, to the position of Managing Director. His tenure will begin on the date he assumes office and will last until he reaches the age of superannuation on June 30, 2027, or until further orders, whichever comes first.