One of the four MDs at the public sector bank, Setty heads international banking, global markets and technology departments of SBI. Setty (58) began his career with the bank in 1988 as a probationary officer.
Govt announced Setty’s appointment on Tuesday after the appointments committee of the Cabinet approved the department of financial services’ proposal.
The Financial Services Institutions Bureau had recommended Setty as chairman after interviewing three candidates on June 29. The other two candidates were SBI MDs Ashwini Kumar Tewari and Vinay Tonse.
Setty’s elevation comes at a time when the bank is undergoing a digital transformation, and profits and asset quality are at all-time high levels.
Motilal Oswal had in a report highlighted the turnaround of the bank in the last six years from a loss of Rs 6,500 crore in FY18 to profit of Rs 61,100 crore in FY24. “We note that cumulative profit of bank over the past three years (FY22-24) is equivalent to what the bank earned in the prior 20 years combined,” report said.
Setty holds a BSc in agriculture and is a certified associate of the Indian Institute of Bankers. Before becoming MD in 2020, Setty held several key positions at SBI, including deputy MD of the stressed assets resolution group, chief GM in the corporate accounts group, and VP and head of syndications at SBI’s New York branch.
Initially, as MD, he led retail & digital banking verticals before taking on his current responsibilities. Setty’s term as MD was extended by two years in Jan 2023.
At the same time, SBI deputy MD Rana Ashutosh Kumar Singh has been promoted as MD. Singh is currently in charge of retail, personal banking, and real estate. Singh joined the bank as a probationary officer in 1991 and has held various roles over his 32-year career.
#SBI #Setty #succeed #Khara #chairman #Times #India
