FSIB recommends Setty for SBI Chairman post

SBI’s current Chairman Dinesh Kumar Khara is retiring on August 28, when he turns 63.

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SBI’s current Chairman Dinesh Kumar Khara is retiring on August 28, when he turns 63. He was given an extension in October 2023. Khara was appointed the chairman of SBI on October 7, 2020. (Representional Imhe)

The Financial Services Institutions Bureau (FSIB), the body which selects the Chairman and MDs of public sector banks and insurance companies, has recommended the name of Challa Sreenivasulu Setty as the next Chairman of State Bank of India (SBI), India’s largest bank.

FSIB interfaced with the candidates on June 29 for the position of Chairman in State Bank of India (SBI), FSIB said. “Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Setty for the position of Chairman in SBI,” it said.

SBI’s current Chairman Dinesh Kumar Khara is retiring on August 28, when he turns 63. He was given an extension in October 2023. Khara was appointed the chairman of SBI on October 7, 2020.

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Setty, currently a Managing Director, is looking after international banking, global markets and technology of the bank. He was appointed as MD in 2020.

Three managing directors (MDs) of the SBI — C.S. Setty, Ashwini Kumar Tewari and Vinay M. Tonse – appeared for the Chairman’s interview on Saturday. Alok Kumar Choudhary, senior most MD of SBI, is retiring on June 30. Unlike other PSU banks, SBI Chairman is selected from one of its MDs.

The final decision on the appointment of the SBI Chairman will be made by the Appointments Committee of the Cabinet (ACC) headed by the Prime Minister.

FSIB was constituted in 2022 by Central Government for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the boards of financial services institutions and for advising on certain other matters relating to personnel management in these institutions. Bhanu Pratap Sharma is the Chairman of the bureau.

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In the quarter ended March 2024, SBI’s standalone net profit grew by 23.98 per cent to Rs 20,698 crore – highest ever quarterly profit. For fiscal 2024, the profit grew 21.59 per cent to a record high of Rs 61,077 crore.

The net interest income (NII) grew 3.13 per cent to Rs 41,655 crore in the March 2024 quarter, as against Rs 40,393 crore in the year-ago quarter.

SBI shares closed at Rs 848.85 on the BSE on Friday. The bank’s market capitalisation is Rs 7.57 lakh crore.

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