CS Shetty gets FSIB nod as SBI chairman after Khara retires

The Financial Services Institutions Bureau (FSIB) on Saturday recommended the appointment of Challa Srinivasulu Shetty, one of the managing directors of State Bank of India (SBI), as its next chairman.

“Taking into consideration his performance at the interface, his overall experience and the existing parameters, the Bureau recommends Challa Srinivasulu Shetty for the post of Chairman, SBI,” the FSIB said in its notification.

FSIB interviewed three managing directors for the post of SBI chairman.

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Apart from Shetty, two other MDs who appeared for the interview include Ashwini Kumar Tewari and Vinay M. Tonse.

Headed by former Department of Personnel and Training (DoPT) secretary Bhanu Pratap Sharma, the FSIB is responsible for the appointment of senior officials in public sector financial institutions.

These recommendations will now go to the Appointments Committee of the Cabinet headed by the Prime Minister for final approval.

The current Chairman Dinesh Kumar Khara will retire on August 28 and the new Chairman is expected to take charge on the same day.

Shetty is the most senior of the three MDs who were interviewed for the post. He has spent nearly 36 years with the bank and has overseen various important verticals of the public sector bank.

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Shetty, who joined the bank's board as MD in 2020, currently serves as the head of the International Banking, Global Markets and Technology departments at the bank. Shetty has also led the retail and digital banking verticals.

Shetty has previously held key positions in SBI, including Deputy Managing Director, Stressed Asset Resolution Group, Chief General Manager in Corporate Accounts Department, Deputy General Manager in Mid-Corporate Group and Vice President & Head (Syndication) at SBI, New York Branch.

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