FSIB proposes MD Challa Sreenivasulu Setty as next SBI Chairman
What's the story
The Financial Services Institutions Bureau (FSIB), an autonomous body under the Indian government, has nominated Challa Sreenivasulu Setty for the position of Chairman of the State Bank of India (SBI). Currently a Managing Director at SBI, Setty's nomination is based on his performance and overall experience. The FSIB stated, "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."
Selection process
Setty emerges as top contender for the position
On June 29, FSIB interviewed three candidates for the esteemed position of SBI Chairman. The current Chairman, Dinesh Khara, is due to retire on August 28 upon reaching the age limit of 63 years. Among all contenders, Setty stands out with nearly 36 years of service at SBI. The other two managing directors considered were Ashwini Kumar Tewari and Vinay M Tonse.
Decision-making
Final decision on appointment pending
The tradition dictates that the SBI Chairman is selected from the pool of serving managing directors. Following FSIB's recommendation, the final decision is made by the Appointments Committee of the Cabinet led by PM Narendra Modi. The FSIB is headed by Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT). The government-appointed selection panel includes members like the Financial Services Secretary, the Department of Public Enterprises Secretary, and an RBI Deputy Governor.