Challa Sreenivasulu Setty has been recommended by the Financial Services Institutions Bureau (FSIB) as the successor to Dinesh Kumar Khara for the SBI chairman’s post. 

Setty, who currently oversees International Banking, Global Markets and Technology at SBI, was selected by FSIB, which interviewed three candidates for the position on June 29, 2024. If appointed, he will join as the 27th chairman of SBI.

Khara, who will turn 63 on August 28, the upper age limit for the SBI chairman’s position, is set to superannuate.

Who is CS Shetty – A profile

Setty, who holds a Bachelor of Science in Agriculture and is a Certified Associate of the Indian Institute of Bankers, began his career at SBI in 1988 as a Probationary Officer.

Over his more than three-decade-long career, he has gained extensive experience in corporate credit, retail banking, digital banking, and international banking.

Setty has held key assignments in State Bank of India, including Deputy Managing Director – Stressed Assets Resolution Group, Chief General Manager and General Manager in Corporate Accounts Group, Deputy General Manager in Commercial Branch, Indore and VP & Head (Syndications) in SBI, New York Branch.

Setty, who will celebrate his 59th birthday this September, was appointed to the board of SBI as Managing Director in January 2020. Currently, he oversees the international banking, global markets, and technology divisions of the bank.

Who heads FSIB?

FSIB, headed by Bhanu Pratap Sharma, includes members such as the Financial Services Secretary, Secretary of the Department of Public Enterprises, and a Deputy Governor of the Reserve Bank of India.

According to FSIB, Setty’s recommendation was based on his performance, overall experience, and existing parameters. Traditionally, the chairman of SBI is chosen from among the serving managing directors, with the senior-most typically assuming the role.

The final decision on Setty’s appointment will be made by the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi.

SBI’s profit in fourth quarter of FY24

In the fourth quarter of FY24, SBI achieved its highest standalone quarterly net profit, reporting Rs 20,698 crore. This marked a significant increase from Rs 16,695 crore in the same quarter of the previous fiscal year, reflecting robust financial performance.

As of March-end 2024, SBI’s gross advances showed a notable year-on-year growth of 15.24%, reaching Rs 37,67,535 crore. Additionally, total deposits also saw a substantial increase, rising by 11.13% to Rs 49,16,077 crore during the same period.