Who is Dinesh Khara? Former SBI chief's name in focus as HDFC Bank hunts for next CEO

Dinesh Kumar Khara, former Chairman of State Bank of India, is in focus after HDFC Bank's MD & CEO, Sashidhar Jagdishan, announced he will not seek a new term when his tenure ends in October.

Jagdishan's decision has put succession at India's largest private-sector bank in the spotlight.

A CNBC-TV18 report, citing sources, suggested that Khara is in the running for the next HDFC Bank MD & CEO. LiveMint could not independently verify the news report.

The news outlet, citing sources, also said the board had approached Khara for the part-time chairman role, which he declined. This followed Atanu Chakraborty's exit in March and Rajiv Kumar's appointment as part-time Chairman.

“I have no clue about it and genuinely have no comment on the subject," Khara told CNBC-TV18.

A Reuters report, meanwhile, suggested that Kaizad Bharucha, Deputy Managing Director of HDFC Bank since 2023, is the frontrunner for the top post.

Sources told CNBC-TV18 that Bharucha's 15-year tenure as a full-time director will end in 2029, making his run to the top relatively short and potentially limiting his chances.

According to CNBC-TV18, HDFC Bank is also considering other SBI managing directors as possible candidates, given their experience in leading a large bank.

While there is no official word from HDFC Bank, here's a look at Khara's career — a name reportedly emerging as a contender for the top post.

Who is Dinesh Kumar Khara?

Dinesh Kumar Khara is a veteran banker who served as the Chairman of the country's largest public-sector lender, the State Bank of India (SBI), from 7 October 2020 to 28 August 2024.

Over a banking career spanning four decades, 65-year-old Khara built a reputation as a decisive leader, turnaround specialist, and key driver of SBI’s digital and structural transformation.

Khara joined SBI as a Probationary Officer (PO) in 1984, working across retail credit, deposit mobilization, branch management and international banking operations. He is widely credited with successfully orchestrating the landmark merger of SBI with its five associate banks and Bharatiya Mahila Bank.

Khara served as Chief Executive of SBI Funds Management Pvt Ltd (SBIMF) before being appointed Managing Director of SBI.

In 2019, he was appointed the Chairman of the Indian Banks’ Association (IBA). During his tenure, he led negotiations following the COVID-19 outbreak, successfully lobbying the government for credit guarantees for small businesses and securing the RBI’s debt recast window for pandemic-hit borrowers.

Under his stewardship, SBI was instrumental in rallying a consortium of lenders to take control of and stabilize the capital-starved Yes Bank.

To streamline customer service across branch networks, Khara spearheaded the aggressive rollout of SBI’s flagship digital banking platform, YONO, expanding its user base past 27 million registered users.

Education and credentials

Khara is a post-graduate in commerce and completed his Master of Business Administration (MBA) from the Faculty of Management Studies (FMS), Delhi. He is a certified associate of the Indian Institute of Banking and Finance (IIBF).

Leadership philosophy

Known for pushing back against bureaucratic delays, Khara has consistently emphasized swift, black-and-white decision-making:

“My biggest strength is decision-making. I don’t sit on papers. There is no grey area when it comes to decision-making. It’s either black or white. I must say Yes or No. One wrong decision is better than indecision any day, as the cost of indecision is too much,” Khara told Mint in 2017.

What is Dinesh Khara currently doing?

Following his tenure as SBI Chairman, Dinesh Kumar Khara has transitioned into key board leadership and institutional governance roles across enterprise technology and national pension oversight.

In late 2025, Khara was appointed Chairman of PeopleStrong, a leading HR tech and human capital management (HCM) SaaS platform backed by Goldman Sachs Alternatives.

In this capacity, the firm said, he oversees strategic governance alongside a high-profile board comprising operational leaders and enterprise SaaS veterans, including Sandeep Chaudhary (CEO), Pankaj Bansal (Co-Founder), Franck Cohen, and Goldman Sachs representatives Rajat Sood and Sulabh Arya.

Khara also serves as the Chairperson of the National Pension System (NPS) Trust Board, where he plays a central role in guiding pension governance, fund sustainability, and the growth of national retirement assets.