The new chairman of the country’s largest bank, State Bank of India (SBI), will now be CS Setty (Challa Srinivasulu Setty). The government on Tuesday appointed Setty as the new chairman of SBI. He will replace the current chairman of the bank, Dinesh Kumar Khara, on August 28. A government order said that the Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services to appoint Challa Srinivasulu Setty as the Chairman of SBI for a period of three years from the date of assuming office.

Khara will retire on August 28

According to the news, Khara will retire on August 28, when he will turn 63, which is the maximum age limit for the post of SBI Chairman. Apart from this, the government has appointed Rana Ashutosh Kumar Singh to take over as Managing Director (MD) in SBI. The country’s largest lender SBI has one chairman assisted by four MDs. Another order said Singh, who is currently DMD, will take over as MD on June 30, 2027, the retirement age.

Career started with SBI in 1988

Setty, who also headed various task forces and committees constituted by the Government of India, had earlier looked after the bank’s retail and digital banking portfolio. A Bachelor of Science in Agriculture and a Certified Associate of the Indian Institute of Bankers, he started his career with SBI as a Probationary Officer in 1988. He has rich experience in corporate credit, retail, digital and international banking and banking in developed markets.