Challa Srinivasulu Setty becomes the new Chairman of SBI: Setty has more than 36 years of experience in SBI, 63-year-old Dinesh Khara retired

Challa Srinivasulu Setty has become the new chairman of State Bank of India (SBI). SBI informed about this in a regulatory filing on Wednesday (August 28). Srinivasulu Setty has been made the new chairman of the bank in place of Dinesh Khara. Dinesh Khara retired on Tuesday after turning 63. 63 years is the upper age limit for the post of chairman of SBI. Setty has more than 36 years of experience in SBI. Before becoming the chairman, Setty was the senior-most managing director of the bank. Setty has more than 36 years of experience in SBI. He used to handle International Banking, Global Markets and Technology departments. FSIB had recommended Setty's name 2 months ago, the Financial Services Institutions Bureau (FSIB) had recommended the name of Challa Srinivasulu Setty as the next chairman of SBI. FSIB, which comes under the Central Government, had said that keeping in view the existing parameters and his total experience, the bureau recommends Challa Srinivasulu Setty for the post of Chairman of SBI. The Appointment Committee of the Cabinet takes the final decision. FSIB is responsible for the appointment of senior officials in public sector financial institutions. After the recommendation of FSIB, the Appointment Committee of the Cabinet headed by the Prime Minister takes the final decision. The Chairman of FSIB is Bhanu Pratap Sharma, former Secretary, Department of Personnel and Training. SBI is the largest bank in the country. State Bank of India is the largest government bank in the country. The government has 56.92% stake in SBI. It was established on 1 July 1955. The headquarter of the bank is in Mumbai. With a quarter of the market share, it has more than 22,405 branches and more than 48 crore customers. The bank operates in 29 countries of the world. It has 235 branches outside India.

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