SBI says Govt appoints Challa Sreenivasulu Setty as chairman

The appointment was made by Department of Financial Services, Ministry of Finance, Government of India.

The exchange filing stated, “In exercise of powers conferred by clause (a) of section 19 read with sub-section (1) of section 20 of the State Bank of India Act, 1955 (23 of 1955), the Central Government, hereby appoints Shri Challa Sreenivasulu Setty, managing director (MD) of SBI as chairman, SBI for a period of three years with effect from the date of assumption of charge of the office, on or after 28.08.2024, or until further orders, whichever is earlier.”

Further, the Central Government has appointed Rana Ashutosh Kumar Singh, deputy MD of SBI as MD in SBI with effect from the date of assumption of office.

The notification stated, “In exercise of powers conferred by clause (b) of section 19 read with sub-section (1) of section 20 of the State Bank of India Act, 1955 (23 of 1955), the Central Government, hereby appoints Shri Rana Ashutosh Kumar Singh, deputy MD of SBI as MD in SBI with effect from the date of assumption of office and up to the date of his attaining the age of superannuation 30 June 2027, or until further orders, whichever is earlier.”

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 June 2024, the Government of India held 57.54% stake in the bank.

The largest PSU bank’s standalone net profit rose marginally to Rs 17,035.16 crore in Q1 FY25 as against Rs 16,884.29 crore posted in Q1 FY24. Total income increased 13.56% year on year (YoY) to Rs 1,22,687.85 crore in the quarter ended 30 June 2024.

The scrip rose 1.42% to end at Rs 809.10 on Wednesday, 7 August 2024.