The Department of Financial Services’ request to choose Challa Sreenivasulu Setty as chairman of the State Bank of India on or after August 28, 2024 was approved by the Appointments Committee of the Cabinet (ACC), according to a statement made on August 6.
The statement from the ACC also stated that Setty’s appointment will last for three years.
Setty, one of SBI’s managing directors, has been proposed by the Financial Services Institutions Bureau (FSIB), an independent agency under the Center, to take over as the bank’s next chairman on July 3.
Rana Ashutosh Kumar Singh, who is now a Deputy Managing Director (DMD) at SBI, was appointed by the ACC to be one of the MDs at the lender in the meanwhile. His appointment will be in force from the day of his assumption of office until June 30, 2027, when he reaches the age of superannuation, or until further orders are received, whichever comes first.
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