- On Friday the Bureau of the Banks Board (BBB) recommended Dinesh Kumar Khara as the chairman of State Bank Of India (SBI) replacing Rajnish Kumar.
On Friday the Bureau of the Banks Board (BBB) recommended Dinesh Kumar Khara as the chairman of State Bank Of India (SBI). On 7 October the incumbent Rajnish Kumar will demit office in little more than a month’s time.
“Taking into account their system performance and overall experience, the Bureau recommends as follows — Dinesh Kumar Khara for the vacancy of Chairman at State Bank of India. Challa Sreenivasulu Setty, as the nominee for the said vacancy on the reserve list, “said an official statement.
BBB met virtually earlier that day and interviewed SBI ‘s four managing directors for the post of Chairman of the country’s largest public-sector bank. Last week the Cabinet Appointments Committee (ACC) named Ashwani Bhatia as SBI’s managing director. Apart from Bhatia, the other three MD’s are Arijit Basu, CS Shetty, and Dinesh Khara.
The Union Government will announce the nod for the final appointment.
Khara graduated from FMS New Delhi with his Master’s in Business Administration ( MBA) and is a postgraduate in business. He is also an accredited member of the Indian Bankers Institute (CAIIB).
Interestingly, according to official records, the notification came on Khara’s birthday. Khara, 59, entered SBI in 1984 as a Probationary Officer and has experience in all areas of commercial banking such as retail credit, mobilization of deposits, foreign banking activities, branch management, among others.
Khara is also credited with completing the successful merger between SBI and its five associate banks and the Bhartiya Mahila Bank. Khara had been the chief executive of SBI Funds Management Pvt Limited (SBIMF) before being named as SBI’s managing director.
According to SBI General Insurance’s website, Khara, as general manager in SBI Corporate Centre’s associates and subsidiaries department, dealt closely with the organizational and strategic issues of various SBI non-bank subsidiaries. He also worked at the Chicago office of the bank and was involved with the overseas acquisition of Indian Ocean International Bank Mauritius (now SBI Mauritius) during his tenure on the International Banking Group’s overseas expansion arm.
Challa Sreenivasulu Setty is currently SBI’s managing director (retail and digital banking) and was promoted in January of this year from his earlier position as deputy managing director.
The BBB was founded in 2016 to enhance public sector banking governance. Former Reserve Bank of India (RBI) Deputy Governor, Financial Services Department Secretary Debashish Panda, Bhanu Pratap Sharma, former Minister, Personnel, and Training Department are part of the Bureau among others.