The Union government has appointed CS Setty, also known as Challa Sreenivasulu Setty, as the new chairman of State Bank of India (SBI), India’s largest commercial bank. He will assume the position on August 28th, succeeding Dinesh Kumar Khara, who will be stepping down upon reaching the upper age limit for the role. Setty, currently the senior-most Managing Director (MD) of SBI, will lead the bank, with a market capitalization of Rs 721,000 crore, for a period of three years.
The Appointments Committee of the Cabinet (ACC) approved the appointment, following a proposal from the Department of Financial Services. Setty’s appointment was officially announced in a government order.
CS Setty is a seasoned banker with over 35 years of experience at SBI, having joined the bank in 1988 as a Probationary Officer (PO). Born into a Telugu family, he holds a Bachelor of Science (B.Sc) degree in Agriculture and is a Certified Associate of the Indian Institute of Bankers. Throughout his career, Setty has held various leadership positions within the bank, including heading task forces and committees formed by the Government of India. He has extensive experience in retail and digital banking, corporate credit, and international banking, particularly in developed markets.
SBI, India’s largest lender, operates under a structure where the chairman is assisted by four Managing Directors. Setty’s appointment marks a significant shift in leadership for the bank, as he takes over the reins from Dinesh Kumar Khara, who has served as chairman since 2020.
