New Delhi, June 29 (IANS): The Financial Services Institutions Bureau (FSIB) has recommended the name of Challa Sreenivasulu Setty as the Chairman of the State Bank of India (SBI), the country’s largest lender.

Setty, currently the senior-most Managing Director of SBI, will replace Dinesh Kumar Khara as the Chairman when the latter’s tenure ends in August 2024.

The other two MDs who were interviewed are Ashwini Kumar Tewari and Vinay M Tonse.

“Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Challa Sreenivasulu Setty for the position of Chairman in SBI,” FSIB said.

The SBI Chairman is appointed from a pool of serving managing directors of the bank. After FSIB makes a recommendation, the proposal has to be finally approved by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

FSIB is headed by Bhanu Pratap Sharma, Former Secretary of the Department of Personnel and Training (DoPT). The members include the Financial Services Secretary, the Department of Public Enterprises Secretary and a Deputy Governor of the RBI.