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Challa Srinivasulu Shetty Takes Charge as New SBI Chairman, Aims to Elevate the Bank Further
Srinivasulu Shetty, a Telugu native, officially assumed his role as the Chairman of the State Bank of India (SBI) on Wednesday.
Gadwal: Srinivasulu Shetty, a Telugu native, officially assumed his role as the Chairman of the State Bank of India (SBI) on Wednesday. Stepping into the shoes of Dinesh Khara, who retired on Tuesday, Shetty brings with him a wealth of experience, having served as the most senior Managing Director (MD) at SBI. In accordance with SBI's tradition, the Chairman is usually selected from among the senior MDs, and Shetty's extensive career made him the natural choice for the position.
In his first message as Chairman, Shetty emphasized the collective responsibility of employees and officers to further elevate SBI, already India's largest bank, to one of the top banks globally. He highlighted SBI's impressive rise in market value, climbing from 52nd place among international banks at the start of the decade to 17th place currently. He expressed gratitude to his predecessors and urged everyone to work together to increase net profits, expand their reach to millions more lives, and make SBI the most valuable financial institution in the country.
Shetty, who began his career as a Probationary Officer at SBI in 1988, now takes on the highest role in the bank, marking a remarkable journey from his humble beginnings in Peddapothulapadu village, Jogulamba Gadwal district, Telangana. After completing his primary education in his village, he pursued further studies in Gadwal and then earned a B.Sc. in Agriculture from the Agricultural University in Hyderabad.
Throughout his three-decade-long banking career, Shetty has held various significant roles, gaining vast experience in corporate lending, retail, digital, and international banking, among others. His previous roles include Deputy Managing Director (Stressed Assets Resolution Group), Chief General Manager, and General Manager (Corporate Accounts Group), demonstrating his deep understanding of both domestic and international banking sectors.
On the same day, SBI announced the successful raising of ₹7,500 crore through the issuance of Tier-2 bonds under Basel III norms, exceeding the primary issue size of ₹5,000 crore with bids totaling ₹8,800 crore.
Additionally, SBI MD Ashwini Tewari noted that any correction in equity markets could lead to an increase in bank deposits. He also mentioned that SBI continues to rely on Jan Dhan accounts to support low-cost deposit growth.
