Challa Sreenivasulu Setty, Chairman of the State Bank of India (SBI), has been elected as the new Chairman of the Indian Banks’ Association (IBA). The decision was made during the IBA’s managing committee meeting held on March 28, 2025. Setty will lead the association until the next Annual General Meeting (AGM), representing the interests of India’s banking sector.
Setty replaces Sunil Mehta in this critical function, with more than 35 years of banking experience under his belt. Beginning as a probationary officer at SBI in 1988, Setty assumed several leadership positions across the bank, such as leading international banking, global markets, and technology verticals. His expertise and strategic vision are expected to guide the IBA in addressing industry challenges and driving collaboration among member banks.
The IBA also elected three deputy chairmen to assist Setty in his role. A Manimekhalai, Union Bank of India’s Managing Director and CEO; Swarup Kumar Saha, MD and CEO of Punjab & Sind Bank; and Madhav Nair, Country Head and India CEO of Bank of Bahrain & Kuwait, were elected as deputy chairmen. Besides, B Ramesh Babu, MD and CEO, Karur Vysya Bank, was appointed as the honorary secretary to offer administrative assistance to the association.
The IBA plays a crucial role in advocating for policy changes, ensuring bank coordination, and solving essential issues like digital transformation and financial inclusion. With Setty in charge, the association is likely to be engaged in optimizing efficiency in India’s banking sector as it handles regulatory overhaul challenges and shifting market trends.
Setty’s appointment is at a time when India’s banking industry is going through huge changes. The drive for digital banking, better customer service, and financial inclusion continues to be high on the agenda of banks in the country. As Chairman of SBI and now IBA, Setty is best placed to guide these efforts and make the sector more resilient.
The recent AGM organized earlier this month in Mumbai emphasized the need for IBA to play a role in influencing India’s financial landscape. With Setty’s rich experience and leadership skills, there is a high expectation for his capability to guide the association towards change and innovation in the banking sector.
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