Challenges galore for new SBI chairman Setty

MUMBAI: Challa Sreenivasulu Setty, who took charge as chairman of SBI on Wednesday, faces many a challenge as his three-year term gets underway. First comes the task of maintaining asset quality, which is at a decadal best for the nation’s largest bank, and making people come back to the counters to park their money. Setty also has the larger task of making SBI more profitable since his predecessor Dinesh Khara has already set a record of sorts on this front. Further, regulatory challenges abound as the RBI has been tightening many screws on this front.

Setty’s rise to become the 27th SBI chairman is a shining example of how hard work and dedication can take one to the summit. The son of a rural financier, he was born in Peddapothulapadu village of Jogulamba Gadwal district of present-day Telangana. His humble roots are reflected in his schooling, which was done entirely in Telugu medium. Later on, Setty did a bachelor’s in agriculture from the Acharya NG Ranga Agricultural University. He is also a certified associate of the Indian Institute of Bankers.

Before becoming the chairman, Setty was the seniormost managing director, looking after international banking, global markets and technology verticals, after beginning as a probationary officer in 1988. Setty’s name was cleared by the Financial Services Institutions Bureau on June 29, 2024, after he and the other two MDs Ashwini Kumar Tewari and Vinay M Tonse were interviewed.