The government of India has appointed Challa Sreenivasulu Setty as the next chairman of State Bank of India (SBI).

Setty’s three-year tenure will come into effect from 28 August, according to a notification. 

Setty, who is currently the managing director of SBI, will succeed the chairman Dinesh Kumar Khara, whose term ends on 28 August. 

Earlier, on 30 June, the Financial Services Institution Bureau (FSIB), an arm of the central government, recommended Setty to be the next chairman of India's largest lender, succeeding Khara in August. The other two contenders who were called for the interview were Ashwini Kumar Tewari and Vinay Tonse.  

The final decision of appointing the SBI chairman, however, stayed with the government.