Telugu bidda rises to helm country’s largest bank SBI

Hyderabad: When the new chairman takes the helm at India’s largest commercial bank – the State Bank of India (SBI) – in August end, it will be a proud moment not just for people of Telangana but Telugus too.Challa Sreenivasulu Setty, who has been recommended as the next SBI chairman by the Financial Services Institutions Bureau, will be the first from Telangana to ascend to the top job at India’s largest public sector bank and only the second Telugu to do so in the bank’s 69-year history.

Setty to be 27th chairmanSetty, who has been serving as managing director (MD) since January 2020 and heads international banking, global markets and technology, is the senior most MD at SBI and will be its 27th chairman when the current chairman, Dinesh Kumar Khara, retires on August 28, 2024.But the 59-year-old Telugu son of the soil (bidda) was destined to ascend to the top job at India’s largest lender. He was in the race the last time around too and was the reserve candidate when Khara was appointed chairman in 2020. He began his 35-year journey with SBI in 1988 as a probationary officer in Baroda, Gujarat, after getting his Bachelor of Science in agriculture. He is also a certified associate of the Indian Institute of Bankers. What makes his journey to the top echelons of the banking sector inspiring is that Setty, who was born in Peddapothulapadu of Gadwal district of Telangana and hails from a rural financier’s family, did his entire schooling in govt schools, that too in Telugu medium. A bright student, he made it despite his humble beginnings and went on to bag a scholarship for his bachelor’s at the Andhra Pradesh Agricultural University in Hyderabad. Raised funds for educationThose in the know recall that his family and friends had to come together to raise funds for his secondary schooling at the Gadwal higher secondary school.But later in life he went on do a stint in SBI’s New York branch as vice president and head (syndications). Through his career, he headed key functions at SBI, including deputy MD of stressed assets resolution group, chief general manager and GM of corporate accounts group as well as DGM in the commercial branch at Indore. Those who have worked with him describe him as soft-spoken, result oriented and well-rounded personality. One of Setty’s predecessors points out that he comes with a very good credit background and is also someone who keeps a low profile but gets the job done. “He has been with the bank for a long time so it’s a good choice. He has a reputation of being a doer and has held many responsibilities within SBI, including the post of MD, which he has held for over three years now,” said a former SBI chairman. A colleague, who has worked with Setty, described him as a well-rounded personality as he has worked with practically all verticals at the bank — be it treasury, retail business & operations, international business as well as compliance and risk, among others.“As he has worked with almost all the verticals, I think at this point of time, there will be very few persons in the banking industry with such a well-rounded exposure. He is very task oriented in his approach and ensures delivery in the given timelines. On any particular issue his analysis and direction is practical,” the former colleague said.
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