The Centre has appointed Challa Sreenivasulu Setty aka C.S. Setty as Chairman of the State Bank of India (SBI) for a three-year term.
Setty's name, which was proposed by the Department of Financial Services, was approved by the Appointments Committee of the Cabinet (ACC) .
The incumbent chairman Dinesh Kumar Khara will vacate the post on August 28, when he will turn 63, which is the upper age limit for the of SBI chairman's post.
Who is C.S. Setty?
Setty's stint with SBI began in 1988 as a probationary officer. He has served as head of various task forces and panels formed by the Centre.
Earlier, he looked after SBI's retail and digital banking portfolio besides corporate credit, international banking and banking in developed markets
SBI has four managing directors to assist the chairman. When Setty, the senior most MD of the public sector bank takes over as the chief, the position of MD vacated by him will be filled by deputy managing director Rana Ashutosh Kumar Singh, as per a government order.