The government appointed C S Setty as Chairman of the country's largest lender, State Bank of India (SBI), for a three-year term. Setty, the bank's current senior-most MD, will succeed existing chairman Dinesh Kumar Khara on August 28.

The Appointments Committee of the Cabinet ACC has accepted the Department of Financial Services' request to nominate Challa Sreenivasulu Setty as chairman of SBI for a three-year term beginning on the date of assumption of charge, according to a government order.

Khara will retire on August 28, when he becomes 63, the maximum age for the job of SBI chairman. In addition, the government has appointed Rana Ashutosh Kumar Singh as the managing director (MD) of SBI.

SBI, the country's largest lender, is led by a chairman and aided by four managing directors. According to another ruling, Singh, who is now DMD, will become MD on June 30, 2027, when he reaches the age of superannuation.

Setty formerly oversaw the bank's retail and digital banking portfolios, as well as other task groups and committees established by the Government of India. He began his career with SBI in 1988 as a Probationary Officer and holds a Bachelor of Science in Agriculture. He is also a Certified Associate of the Indian Institute of Bankers. He has extensive expertise in corporate credit, retail, digital, and international banking, as well as banking in developed countries.