The Appointments Committee of the Cabinet (ACC) has approved Challa Sreenivasulu Setty, Managing Director (MD) of State Bank of India (SBI), as the new Chairman for a three-year term.
Additionally, the ACC has appointed Rana Ashutosh Kumar Singh, SBI‘s Deputy Managing Director (DMD), as Managing Director (MD) until his superannuation on June 30, 2027. This brings the total number of MDs in SBI to four.
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The Financial Services Institutions Bureau (FSIB) recommended Setty for the Chairman position in late June 2024. Dinesh Khara, the current Chairman, will retire on August 28.
