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Synopsis: CS Setty, the new Chairman of the State Bank of India (SBI), believes that while academic qualifications serve as an entry pass, the true value lies in the confidence and foundational knowledge they provide. Setty, who joined SBI in 1988, underscores that no one has asked him about his degree in his 30-year career, yet his academic achievements have always bolstered his confidence.
CS Setty, the newly appointed Chairman of the State Bank of India (SBI), asserts that academic qualifications are merely an entry pass in one's professional journey. Setty, who began his career with SBI in 1988 as a Probationary Officer, will be succeeding Dinesh Kumar Khara, who is set to retire on August 28.
Addressing students at IIT-Bombay last year, Setty emphasized the lasting value of education. "The education you acquire in academics is a lifelong asset. It's like swimming; once you learn it, you never forget it. No matter how much you might hate formal education, it will always be useful and build confidence," he said. He added that despite his three-decade-long career, no one has ever inquired about his degree or rank, but his academic grades have always instilled confidence in him.
Setty, who holds a BSc in Agriculture, has held various roles within SBI, including managing the retail and digital banking verticals. He credits the bank's job rotation policy for his broad exposure to different business areas. His extensive experience includes a brief tenure in New York as VP & Head of Syndications, along with significant roles in credit and retail banking.
The Financial Services Institutions Bureau (FSIB) selected Setty as the top candidate for the Chairman position, over other Managing Directors Ashwini Kumar Tewari, Alok Kumar Choudhary, and Vinay M Tonse. The FSIB, established by the Central Government in 2022, recommends candidates for key positions within financial services institutions and advises on personnel management.
Setty joined the SBI board as a Managing Director in January 2020. His term was extended by the government in January 2023, making him eligible for the Chairman post. Before his MD role, Setty led the stressed asset resolution group as Deputy Managing Director, overseeing the resolution of stressed assets in sectors like power, infrastructure, automotive, and telecom.
Throughout his career, Setty has climbed the ranks, holding key positions such as Chief General Manager, General Manager in the Corporate Accounts Group, Deputy General Manager at the Commercial Branch in Indore, and VP & Head of Syndications at SBI's New York Branch. Reflecting on his journey, Setty advised students to have a clear vision and understand how to handle life's uncertainties, stating, "Understanding is the right way to handle uncertainty."
