Government authorises CS Setty to succeed Rana Ashutosh Kumar Singh as Chairman of SBI

The State Bank of India (SBI) has appointed Challa Sreenivasulu Setty as its next chairman and Rana Ashutosh Kumar Singh as its managing director for a three-year term. The current chairman, Dinesh Kumar Khara, is scheduled to retire on August 28. The appointments have been approved by the national government. Setty was SBI’s Managing Director in charge of Global Markets & Technology prior to being promoted to Chairman.

In June this year, the Financial Services Institutions Bureau (FSIB) recommended the name of Challa Sreenivasulu Setty for being appointed SBI Chairman.

A Bachelor of Science in Agriculture and also a Certified Associate of the Indian Institute of Bankers (CAIIB), Setty started his career with SBI in 1988 as a Probationary Officer. He has extensive experience in corporate credit, retail banking, digital banking, international banking and banking in developed markets.

Incumbent SBI Chairman Dinesh Kumar Khara will be superannuating on August 28, when he turns 63, the upper age limit for the position of SBI chairman. Meanwhile, another DoPT order said the ACC approved Rana Ashutosh Kumar Singh’s appointment as Managing Director of the State Bank of India.

Singh, currently Deputy Managing Director, will become MD with effect from the day he assumes office and up to the date of attaining the superannuation age (June 30, 2027) or until further orders, whichever is earlier, according to DoPT order.