The Government Appointments Selection Committee Financial Services Institutions Bureau (FSIB) on Saturday recommended the name of the bank’s senior managing director Challa Srinivasulu Shetty for the post of State Bank of India (SBI) chairman. Shetty was elected Managing Director in January 2020. He currently oversees the International Banking, Global Markets and Technology divisions. He will replace Dinesh Kumar Khara, who retires on August 28. Khara will turn 63 on August 28, which is the upper age limit for the post of SBI chairman.
What the FSIB said
FSIB said in a statement – Considering the performance, overall experience and current parameters, the Bureau recommends Challa Srinivasulu Shetty for the post of Chairman, SBI. As per tradition, the Chairman is appointed from among the existing Managing Directors of SBI. FSIB will recommend the name to the Appointments Committee of Cabinet (ACC) which will take the final decision in this regard. ACC is chaired by Prime Minister Narendra Modi.
About FSIB
Let us inform you that FSIB, the body that searches for Directors of Public Sector Banks and Financial Institutions, conducted interviews of three candidates for this post on June 29, 2024. FSIB is chaired by Bhanu Pratap Sharma, former Secretary of the Department of Personnel and Training (DoPT). Members of the Bureau include the Secretary of Financial Services, the Secretary of the Department of Public Enterprises and the Deputy Governor of the Reserve Bank of India (RBI).
If we talk about the shares of SBI, it is seeing a slight increase. On Friday, the last trading day of the week, the stock rose marginally to Rs. 848.85 was reached. Shares on June 3, 2024 at Rs. 912.10 was reached. The stock also has a 52-week high. The stock hit a 52-week low of Rs. is 543.15.