Home / Industry / Banking /  Dinesh Khara tipped to be next SBI chairman

The Banks Board Bureau (BBB) on Friday recommended Dinesh Kumar Khara as the Chairman, State Bank of India. The incumbent Rajnish Kumar will demit office in little over a month's time on 7 October.

“Keeping in view their performance in the interface and their overall experience, the Bureau recommends as follows—Dinesh Kumar Khara for the vacancy of Chairman in State Bank of India. Challa Sreenivasulu Setty as the candidate on the reserve list for the said vacancy," an official statement said.

Earlier during the day, BBB met virtually and interviewed the four Managing Directors of SBI on for the post of the Chairman of the country’s largest public sector bank. Last week, the Appointments Committee of the Cabinet (ACC) appointed Ashwani Bhatia as the managing director of SBI. Besides Bhatia, Arijit Basu, CS Shetty, and Dinesh Khara are the other three MDs.

The nod for the final appointment will be announced by union government.

Khara, completed did his masters in business administration (MBA) from FMS New Delhi and is a post-graduate in commerce. He is also a certified associate of Indian Institute of Bankers (CAIIB).

Interestingly, the notification has come on Khara's birthday, according to official records. Khara, 59, joined SBI as Probationary Officer in 1984 and has experience in all facets of commercial banking such as retail credit, , deposit mobilization, international banking operations, branch management, among others.

Khara is also credited with successfully completing the merger of SBI with its five associate banks and Bhartiya Mahila Bank. Prior to being appointed as the managing director of SBI, Khara was the chief executive of SBI Funds Management Pvt Limited (SBIMF). According to the website of SBI General Insurance, as a general manager in the associates and subsidiaries department of SBI Corporate Centre, Khara worked closely with the operational and strategy issues of various non-banking subsidiaries of SBI. He has also worked in the bank’s Chicago office and was associated with the overseas acquisition of Indian Ocean International Bank Mauritius (now SBI Mauritius) during his stint in the overseas expansion wing of its International Banking Group.

Challa Sreenivasulu Setty is currently a managing director (retail and digital banking) at SBI and was promoted from his earlier role of a deputy managing director in January this year. He has spent 32 years at the bank.

The BBB was set up in 2016 to improve governance in public sector banks. Former Reserve Bank of India (RBI) deputy governor, department of financial services secretary Debashish Panda, Bhanu Pratap Sharma, former secretary, department of personnel and training, among others are part of the Bureau.

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