The public lender announced that the Central Government has extended the term of Challa Sreenivasulu Setty, managing director of State Bank of lndia (SBI) for a period of two years effective from 20 January 2023.
The Department of Financial Services, Ministry of Finance, Government of lndia, in its notification dated 10 January 2023 stated, The Central Government, hereby extends the term of office of Challa Sreenivasulu Setty, managing director, State Bank of India for a period of two years with effect from 20 January 2023, or until further orders, whichever is earlier.SBI is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2022, the Government of India held 57.52% stake in the bank.
The PSU Bank reported 73.93% jump in standalone net profit to Rs 13,264.52 crore on a 14.22% rise in total income to Rs 88,733.86 crore in Q2 FY23 over Q2 FY22.
Shares of SBI fell 0.54% to Rs 593.35 on the BSE.
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