Gadwal: Srinivasulu Shetty, a native of Telangana, has officially taken on the role of Chairman at the State Bank of India (SBI) as of Wednesday. He replaces Dinesh Khara, who retired just a day before. Shetty was previously the most senior Managing Director (MD) at SBI and was chosen for the Chairman role due to his extensive experience in the bank. It is a tradition at SBI to select the Chairman from among the senior MDs.
In his first message as Chairman, Shetty highlighted the importance of teamwork among SBI employees and officers. He emphasized their collective responsibility to make SBI, already India’s largest bank, one of the top banks in the world. Shetty pointed out that SBI has made significant progress in recent years, rising from 52nd place to 17th place in market value among global banks. He expressed his gratitude to former Chairmen and encouraged everyone to work together to increase the bank’s net profits, reach more people, and make SBI the most valuable financial institution in the country.
Shetty’s journey to this top position is remarkable. He began his career at SBI as a Probationary Officer in 1988, starting from his village in Peddapothulapadu, Jogulamba Gadwal district, Telangana. After completing his primary education in his village, he continued his studies in Gadwal and later earned a B.Sc. in Agriculture from the Agricultural University in Hyderabad.
Over his three-decade-long career in banking, Shetty has held many important roles. These include Deputy Managing Director in the Stressed Assets Resolution Group, Chief General Manager, and General Manager in the Corporate Accounts Group. His experience spans various areas like corporate lending, retail, digital, and international banking, giving him a deep understanding of both domestic and global banking sectors.
On the same day that Shetty assumed his new role, SBI announced that it successfully raised ₹7,500 crore by issuing Tier-2 bonds under Basel III norms. This amount exceeded the original issue size of ₹5,000 crore, with total bids reaching ₹8,800 crore.
Additionally, SBI MD Ashwini Tewari mentioned that if there is a correction in equity markets, it could lead to an increase in bank deposits. He also noted that SBI continues to rely on Jan Dhan accounts to help grow low-cost deposits.
