Challa Sreenivasulu Setty was appointed as the 27th chairman of the State Bank of India—his tenure as the chairman began on August 28. Earlier in June this year, Setty was selected by a government panel for the top role at India's largest lender, where he served as the managing director up to this point.
The 59-year-old banking veteran, who began his journey as a probationary officer at SBI in 1988, has steadily climbed the organizational ladder and is now recommended for the prestigious position at one of the country's biggest banks.
Described as a soft-spoken, versatile, and people's man, Challa Sreenivasulu Setty brings a wealth of banking acumen to the table, having navigated various key verticals within the state-owned bank.
With extensive experience in corporate banking, stressed assets management, retail banking, and even an international stint in New York, Setty's capabilities have been lauded by a former managing director at SBI PK Gupta, who highlighted Setty's adeptness and interpersonal skills as significant strengths He knows what needs to be done and is a peoples' person which is a big advantage, Gupta added.
Setty's comprehensive tenure at SBI, coupled with his recent roles overseeing critical areas like risk management, compliance, retail operations, and international banking, positions him favorably for the elevated responsibilities of the chairman's office, as commended by both past and present colleagues.
A former chairman of SBI recalled, “He shepherded the corporate accounts division of the bank as chief general manager between 2013 and 2017 when there was intense pressure due to rising bad loans and delays in payments.”
Setty's close aide and a former chief general manager added, “He has covered all models in SBI and is known within the bank for his sincerity and professionalism. His stint as deputy managing director in the SARG department actually started the recovery trend in the bank. He took some tough decisions at that time but never victimised any of his people.”
Meanwhile, Challa Sreenivasulu Setty holds a bachelor’s degree in agriculture and is a certified associate of the Indian Institute of Bankers, now known as the Indian Institute of Banking and Finance. He takes over SBI at a time when the bank is experiencing some of its best days in decades.
