FSIB recommends Challa Sreenivasulu Setty as next SBI Chairman

C S Setty is the next SBI Chairman

The Financial Services Institutions Bureau (FSIB), an autonomous body under the Centre, has recommended the name of Challa Sreenivasulu Setty, one of the managing directors of the State Bank of India (SBI), as the next Chairman of the bank.

FSIB, the head hunter for directors of state-owned banks and financial institutions said in a statement, “Keeping in view their performance in the interface, their overall experience, and the extant parameters, the Bureau recommends Shri Challa Sreenivasulu Setty for the position of Chairman in SBI.”

The body interviewed three candidates on June 29 for the post.

Present Chairman Dinesh Khara will be superannuating on August 28, when he turns 63, the upper age limit for the position of SBI Chairman.

Among the contenders, Setty is the most senior, with nearly 36 years of service at SBI. The other two MDs who were interviewed are Ashwini Kumar Tewari and Vinay M Tonse.

As per convention, the chairman is appointed from a pool of serving managing directors of SBI. After FSIB recommends someone, the final decision is taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

FSIB is headed by Bhanu Pratap Sharma, former secretary of Department of Personnel and Training (DoPT).

The members of the government-appointed selection panel are Financial Services Secretary, Department of Public Enterprises Secretary and an RBI Deputy Governor.