CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Financial Services Institution Bureau (FSIB) has chosen Challa Sreenivasulu Setty as the next chairman of State Bank of India (SBI). Ashwini Tiwari and Vinay Tonse were two other candidates for the position. Setty will succeed Dinesh Khara as chairman of SBI when he reaches the age of 63, the maximum age for the role. His term is set to conclude in August 2024.
FSIB's Decision
The FSIB made its conclusion based on the competitors' overall experience. "Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Challa Sreenivasulu Setty for the position of Chairman in SBI," according to the accounting firm. Setty would become the 27th Chairman of SBI. Meanwhile, Alok Kumar Choudhary, Managing Director (Risk, Compliance & SARG), will retire from the bank effective June 30, 2024, according to the SBI.
About CS Setty's present position
Setty is currently the bank's most senior Managing Director, having worked there for 35 years. He was appointed MD in 2020 and is in charge of international banking, global markets, and technology at SBI. Challa Sreenivasalu Setty holds a bachelor's degree in agricultural science and is certified by the Indian Institute of Bankers. Setty has held several key positions at State Bank of India, including Deputy Managing Director - Stressed Assets Resolution Group, Chief General Manager and General Manager in Corporate Accounts Group, Deputy General Manager in Commercial Branch, Indore, and VP & Head (Syndications) in SBI's New York branch.
SBI Report
SBI had its highest quarterly net profit of Rupees 20,698 crore in Q4 FY24. The figure nearly doubled from the previous year's quarter of Rupees 16,695 crore. In March 2024, total advances were Rupees 37,67,535 crore, up 15.24% year on year. Total deposits increased by 11.13 percent to Rupees 49,16,077 crore.
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