The Financial Services Institution Bureau (FSIB) has recommended Challa Srinivasulu Shetty as the next chairman of State Bank of India (SBI). FSIB, which comes under the central government, said on Saturday that keeping in mind the existing parameters and his total experience, the bureau recommends Challa Srinivasulu Shetty for the chairman of SBI. Shetty has more than 36 years of experience in SBI. He currently handles the International Banking, Global Markets and Technology Department. The current chairman of the bank, Dinesh Khara, is retiring on 28 August after turning 63. 63 years is the upper age limit for the post of SBI chairman. The Appointment Committee of the Cabinet takes the final decision. FSIB has the responsibility of appointing senior officials in the public sector financial institution. After the recommendation of FSIB, the Appointment Committee of the Cabinet headed by the Prime Minister takes the final decision. The chairman of FSIB is Bhanu Pratap Sharma, former Secretary of the Department of Personnel and Training. SBI is the largest bank in the country State Bank of India is the largest government bank in the country. The government has a 56.92% stake in SBI. It was established on 1 July 1955. The bank is headquartered in Mumbai. It has more than 22,405 branches and more than 48 crore customers with a quarter market share. The bank operates in 29 countries of the world. It has 235 branches outside India. Also read… SBI’s fourth quarter profit increased 24% to ₹ 20,698 crore: Bank will pay ₹ 13.70 per share dividend, share reached lifetime high after the result State Bank of India (SBI)’s profit in the fourth quarter (January-March) of FY 2023-24 increased by 23.98% year-on-year to ₹ 20,698 crore. In the same quarter a year ago, the government bank had recorded a net profit of ₹ 16,695 crore. In the fourth quarter, the bank’s interest income grew 19.46% year-on-year to ₹ 1,11,043 crore. In the same quarter last year, it was ₹ 92,951 crore. In the previous quarter (Q3FY24), the bank had earned ₹ 1,06,734 crore from interest. That is, the company’s net interest income has increased by 4.03% on a quarterly basis (QoQ). Click to read the full news…
