Banks Board Bureau has recommended the name of Dinesh Kumar Khara for the next Chairman of State Bank of India (SBI). In a statement on Friday, the Bureau stated that it interacted with the four managing directors of the state-run lender regarding the forthcoming vacancy of SBI Chairman.
The incumbent SBI Chairman, Rajnish Kumar will complete his three-year term on October 7.
The Bureau also recommended Challa Sreenivasulu Setty as the candidate on the reserve list for the SBI Chairman vacancy.
The SBI Chairman is appointed from the pool of serving managing directors of the SBI group. Currently, there are four managing directors - Dinesh Kumar Khara, Challa Sreenivasulu Setty, Arijit Basu and Ashwani Bhatia.
Dinesh Kumar Khara is the Managing Director of Global Banking and Subsidiaries wing of State Bank of India. He holds a Board-level position in the bank, supervising the businesses of non-banking subsidiaries of SBI, engaged in diverse financial activities such as asset management, life insurance, general insurance, custodial services, primary dealership, investment banking, broking, credit cards, pension funds and factoring services.
Khara also supervises 18 Regional Rural Banks sponsored by SBI. In addition, he oversees the Risk Management and Compliance areas of the bank, as well as its Information Technology arm.
He was responsible for merging SBI with its five Associate Banks and Bhartiya Mahila Bank, which helped the lender enter the list of top 50 banks in the world. Prior to being appointed as Managing Director of State Bank of India, Khara was the MD and CEO of SBI Funds Management Pvt. Limited (SBIMF).
Khara, 56, did his MBA from FMS, New Delhi and is a post-graduate in Commerce. He is also a Certified Associate of Indian Institute of Bankers (CAIIB). He joined SBI as a probationary officer in 1984 and holds more than 33 years of experience in various facets of commercial banking, including retail credit, SME or corporate credit, deposit mobilisation, international banking operations, branch management, etc.