FSIB has recommended the name of Challa Srinivasulu Shetty as the next SBI Chairman.
SBI New Chairman: The Financial Services Institution Bureau (FSIB) has recommended the name of C S Shetty, the senior-most managing director of the State Bank of India (SBI), for the position of Chairman of the country’s largest public sector bank. Shetty is currently the Managing Director of SBI, overseeing the international banking, global markets, and technology departments. He will succeed Dinesh Kumar Khara, who will retire on August 28th. Khara will turn 63 on that date, which is the upper age limit for the SBI Chairman position.
FSIB recommended
On June 29, 2024, the Financial Services Institution Bureau (FSIB), tasked with identifying directors for public sector banks and financial institutions, interviewed three candidates for the Chairman position. The FSIB stated that based on performance, comprehensive experience, and existing standards, the bureau recommends Challa Srinivasulu Shetty for the position of SBI Chairman.
Traditionally, the chairman is appointed from among the current managing directors of SBI. The FSIB will recommend the name to the Appointments Committee of the Cabinet (ACC) which will take the final decision in this regard. The ACC is chaired by Prime Minister Narendra Modi.
The FSIB is chaired by Bhanu Pratap Sharma, former secretary of the Department of Personnel and Training (DoPT). The members of the bureau include the Financial Services Secretary, the Secretary of the Department of Public Enterprises and the Deputy Governor of the Reserve Bank of India (RBI).
