Challa Sreenivasulu Setty is appointed as the new chairman of State Bank of India, country’s largest public sector lender. The central government body, Finacial Services Institutions Bureau has recommended the candidature for Challa Sreenivasulu Setty for the post. He is popularly known as CS Setty in the banking fraternity.
Challa Sreenivasulu has been the Managing Director of SBI since January 2020 and spent almost the last four and a half years at the post. He looks after international banking, global markets, and technology sectors in SBI.
The 63-year-old Dinesh Khara is the current chairman of SBI and will demit office on August 28 this year. In this regard, Challa has been appointed as Chairman of the bank.
The FSIB is responsible for appointing senior officials in every public sector bank in this country. Three candidates were interviewed by the FSIB for this particular post, after which they recommended the name of Challa Sreenivasulu Setty. They proposed the name of CS Setty in view of ensuring that before the completion of the tenure of the current Chairman, Khara, the appointment of a new Chairman would be finalized.
Challa Sreenivasulu has rich experience in the fields of retail banking, digital banking, and recovery of bad loans. Therefore, with his appointment as the new Chairman, Challa is likely to focus majorly on the recovery of bad loans for the bank.
Telangana Chief Minister Revanth Reddy expressed his elation over the appointment of Sreenivasulu. He said it is a proud moment, as one from Jogulamba Gadwal district had risen to assume the thrones of the Chairmanship of the State Bank of India. On behalf of the State of Telangana, he extended warm congratulations to the newly appointed Chairman of India’s biggest public sector bank. CM Revanth Reddy hoped Sreenivasulu would have many successes and laurels to his credit.
Challa Sreenivasulu :
Challa Sreenivasulu assumed the role of Managing Director of State Bank of India in December 2020. Thereafter, he began his service at SBI when first appointed as a probationary officer in 1988. First, he never set an objective for himself to be a banker; rather, he aims to become an IAS officer. However, seeing his peers taking exams for bank jobs, Challa also took the exam and was selected, thus entering the banking sector. Realizing that he could still serve society through banking, he gave up his IAS dream and settled in his banking career, rising through the ranks to become the Chairman.