Govt panel recommends Challa Setty as next SBI Chairman

The Financial Services Institutions Bureau (FSIB), under the central government, has recommended Challa Sreenivasulu Setty as the next State Bank of India (SBI) Chairman.

Dinesh Khara, the current Chairman of SBI, is set to retire on August 28. The new chairman will start duty on the same day as Khara’s retirement.

With 36 years of experience at the SBI, CS Setty is among the senior-most contenders. He has overseen various critical areas, including managing the ₹1.49 lakh crore stressed assets portfolio during the peak of the bad loan cycle in 2018.

As per reports, other contenders for the role included Ashwini Kumar Tewari, and Vinay M Tonse. The fourth managing director, Alok Kumar Choudhury, is set to retire at the end of June.

The FSIB, responsible for appointing senior executives to public sector financial institutions, has been entrusted with the task of recommending the next SBI chairman.