The Financial Services Institutions Bureau(FSIB), the body responsible for selecting the heads of public sector banks and insurers, has recommended Challa Sreenivasulu Setty for the role of Chairman at State Bank of India(SBI), according to a statement.
FSIB conducted interviews on June 29th with candidates vying for the Chairman position at SBI, India's biggest bank. After reviewing candidates' performance in interviews as well as their experience and qualifications against parameters, the Bureau decided that Setty was the best pick for the role.
The current Chairman Dinesh Kumar Khara is set to retire on August 28th when he turns 63, having received an extension last October. Khara took over as SBI Chairman in 2020.
Setty, who is currently serving as a Managing Director overseeing international banking, global markets and technology, was appointed to his current position in 2020. He was among three SBI Managing Directors, including Ashwini Kumar Tewari and Vinay M. Tonse, who interviewed for the top job on Saturday.
The final decision on appointing SBI's next Chairman lies with the Appointments Committee of the Cabinet led by the Prime Minister. FSIB was established by the government in 2022 to recommend candidates for leadership roles and provide advisory services related to personnel management at financial institutions.
In the last quarter ending March 2024, SBI reported its highest ever quarterly profit of 20,698 crore rupees, up 23.98% year-on-year. For the full 2024 financial year, net profit grew 21.59% to an all-time high of 61,077 crore rupees.
