New SBI Chairman: Challa Sreenivasulu Setty has taken charge as the new chairman of State Bank of India, according to a disclosure report filed by the bank with the Bombay Stock Exchange.
Setty was one of the bank’s managing directors and was in charge of the international banking, global markets and technology verticals before replacing Dinesh Kumar Khara as the 27th chairman of the country’s largest state-owned lender.
By 2024, Setty had worked for over 35 years at various levels of the State Bank of India. Setty has played a pivotal role in expanding SBI’s global presence, forging strategic partnerships with foreign banks and institutions. Under his leadership, the bank implemented innovative digital solutions, improving customer experience and operational efficiency.
Setty’s work came to prominence during his tenure as Deputy Managing Director of the Stressed Asset Resolution Group (SARG), where he worked to reduce the bank’s bad loans under Rajnish Kumar. Under his leadership, SBI’s bad loans declined from Rs 223,427 crore to Rs 149,092 crore during the period.
Setty, who hails from Pothulapadu village in Telangana, has seen first-hand the struggles of businesses facing financial difficulties and unable to get credit easily. Reports suggest that Setty will especially focus on SMEs as he was a key enabler of the category during his tenure at State Bank of India. Setty joined SBI in 1988 after completing his bachelor’s degree in agriculture.
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