Dinesh Kumar Khara is the new SBI Chairman, appointed for 3 years

• Govt has approved the appointment of Dinesh Kumar Khara as the new SBI Chairman

• Dinesh Kumar Khara's name was recommended by the Banks Board Bureau (BBB)

• Dinesh Kumar Khara replaces Rajnish Kumar whose three-year term comes to an end on October 7

New Delhi: (SBI new chairman news) The Govt on Wednesday morning approved the appointment of Dinesh Kumar Khara as the new SBI Chairman. He has been appointed for a period f three year. Khara replaces the current SBI chairman Rajnish Kumar whose three-year term comes to an end on October 7. Dinesh Kumar Khara's name was recommended by the Banks Board Bureau (BBB) on August 28. He is the senior-most managing director in the SBI board. "Dinesh Kumar Khara, appointed as chairman of the bank for a period of 3 years with effect from the date of his taking over charge of the post on or after 7.10.2020, or until further orders, whichever is earlier," reads the notification issued by the Ministry of Finance.

"Keeping in view their performance in the interface and their overall experience, the Bureau recommends…Dinesh Kumar Khara for the vacancy of Chairman in State Bank of India (and) Challa Sreenivasulu Setty as the candidate on the Reserve List for the said vacancy," BBB said in a press statement released Wednesday morning. BBB, which selects the top officials of public sector banks and financial institutions, had interviewed four SBI Managing Directors. As per convention, the SBI chairman is appointed from a pool of serving managing directors at the bank.

ALSO READ: Govt appoints these three economists as Members of the Monetary Policy Committee

Dinesh Kumar Khara's appointment as the chairman of India's largest public lender comes at a time when the banking industry, along with other sectors is going through a major crisis due to the COVID-19 pandemic. He was appointed as managing director of SBI in August 2016 for a three-year term. He got a two-year extension in 2019 after review of his performance. Interestingly, Khara was one of the contenders for the post of SBI chairman in 2017 too. 

Dinesh Kumar Khara's profile

59-year-old Khara did his Masters in Business Administration from Faculty of Management Studies, Delhi University and is a post-graduate in Commerce. The banker had joined SBI as a probationary officer in 1984 and has over 33 years of experience in all facets of commercial banking such as retail credit, SME/corporate credit, deposit mobilization, international banking operations and branch management.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)