In a significant development for the banking industry, Challa Sreenivasalu Setty, Chairman of State Bank of India (SBI), has been appointed as the new Chairman of the Indian Banks Association (IBA) for the upcoming fiscal year. This decision was finalized following the IBA Managing Committee’s meeting on March 28, 2025. Setty will assume this prestigious role until the next Annual General Meeting (AGM), leading the association’s efforts to represent and advocate for the banking sector.
Setty’s appointment marks a new chapter for the IBA, as he takes over from MV Rao, the Chief Executive of the Central Bank of India, who previously held the chairman’s post. Setty’s leadership will play a pivotal role in addressing the challenges faced by the banking sector and ensuring that the industry receives adequate policy support.
In addition to Setty’s elevation, the IBA has appointed three Deputy Chairmen to assist in steering the association’s vision for the coming year. The Deputy Chairmen include:
- Manimekhalai, CEO of Union Bank of India
Swarup Kumar Saha, CEO of Punjab & Sind Bank
Madhav Nair, CEO of Bank of Bahrain & Kuwait India
Furthermore, B. Ramesh Babu, the CEO of Karur Vysya Bank, has been appointed as the Honorary Secretary of IBA, a key position that will support the administration of the association.
As the new Chairman, Setty will be at the forefront of advocating for the banking sector, working diligently to ensure that the needs and challenges of the industry are addressed. His leadership is expected to strengthen IBA’s role in shaping policies and promoting the welfare of the banking community across India.
This appointment highlights a strong leadership team poised to enhance the banking industry’s resilience and growth in a rapidly evolving financial landscape.
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