The Appointments Committee of the Cabinet (ACC) has approved a proposal to appoint Challa Sreenivasulu Setty as Chairman of State Bank of India (SBI), the country’s largest commercial bank, for a three-year term.

The three-year period will be valid from the date of his assumption of charge of the office, on or after August 28, or until further orders, whichever is earlier, the Department of Personnel & Training (DoPT) said in an order.

Before this elevation as Chairman, Setty was the SBI Managing Director heading Global Markets & Technology.