On Tuesday, the government appointed Dinesh Kumar Khara as Chairman of the State Bank of India, effective 7 October, for a term of three years.
The largest lender in the world, SBI, is headed by the president with four managing directors to assist.
Dinesh Kumar Khara shall be appointed by the central government as chairman of the State Bank of India ( SBI) for a term of three years, with effect from the date of his assumption of office on or after 7 October 2020, or until further orders, whichever is earlier, pursuant to a notification issued by the Ministry of Finance.
SBI Chairman Rajnish Kumar, whose three-year term ends on October 7, will succeed Khara.
Interestingly, in 2017, Khara was also among the candidates for the post of chairman.
Khara was named as SBI’s managing director for a three-year term in August 2016. In 2019, after evaluating his results, he received a two-year extension.
Khara, an alumnus of the Faculty of Management Studies , University of Delhi, heads SBI’s Global Banking division. He holds a board-level role and manages SBI’s non-banking subsidiaries’ enterprises.
He was the MD and CEO of SBI Funds Management Pvt Limited (SBIMF) before being appointed managing director.
Effective April 2017, Khara, who joined SBI as a probationary officer in 1984, was instrumental in integrating five associate banks and Bharatiya Mahila Bank with SBI.
As the banking sector is going through a big crisis due to the COVID-19 pandemic, the new SBI chairman will have a tough job ahead.
As of June 30, SBI had made complete arrangements to cover possible COVID-19 damages of about 3,000 crore. In the March portion, the 5.44 per cent gross non-performing asset (NPA) ratio was less than 6.15 per cent.
On Friday, the Banks Board Bureau (BBB) recommended the name of Dinesh Kumar Khara, senior managing director of SBI, as the next chairman of the largest lender in the country.
“The Bureau recommends … Dinesh Kumar Khara for the vacancy of Chairman of the State Bank of India (and) Challa Sreenivasulu Setty as the candidate on the reserve list for the said vacancy, taking into account their interface efficiency and overall experience,” BBB said in a statement.
The SBI chairman is selected, as per tradition, from a pool of managing directors working at the bank.
