Dinesh Khara retired as the chairman of State Bank of India (SBI) on Wednesday, passing the baton to Challa Sreenivasulu Setty.

C S Setty succeeds Dinesh Khara, who superannuated from services of the bank at the closing of business hours on Tuesday, SBI said in a regulatory filing.

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Prior to becoming chairman, Setty was the senior-most managing director of the bank.

As per the convention, the chairman is appointed from a pool of serving managing directors of SBI. Usually, the senior-most managing director becomes chairman of the bank.

Setty is a Bachelor of Science in Agriculture and a Certified Associate of the Indian Institute of Bankers. He began his career with SBI in 1988 as a Probationary Officer.

Across a career spanning over three decades, he has rich experience in corporate credit, retail, digital and international banking and banking in developed markets.

In his role at SBI, Setty has held key assignments, including Deputy Managing Director – Stressed Assets Resolution Group, Chief General Manager and General Manager in Corporate Accounts Group, Deputy General Manager in Commercial Branch, Indore and VP & Head (Syndications) in SBI, New York Branch.

Dinesh Khara was appointed as the SBI chairman on October 7, 2020, amidst the Covid-19 pandemic for three years.

However, his tenure was extended for another year. The government said that Khara is given the extension till he turns 63.

Under Khara’s leadership, SBI’s annual profit skyrocketed from Rs 20,410 crore in FY21 to Rs 61,077 crore in FY24, a 200% increase.

With over 36 years across all verticals of banking, Khara took charge from his predecessor Rajnish Kumar.