Current Context : The Centre has appointed Challa Sreenivasulu Setty as the chairman of State Bank of India (SBI) for a period of three years.

• Setty will replace current chairman Dinesh Kumar Khara on August 28.

ABOUT STATE BANK OF INDIA (SBI) :

• It is the largest and one of the oldest banking institutions in India.
• Established in 1806 as the Bank of Calcutta, which was later renamed the Bank of Bengal.
• It became the State Bank of India on 01 July 1955, following the merger of the Imperial Bank of India with the Reserve Bank of India (RBI).
• Headquarters: Mumbai, Maharashtra, India.