The government on Tuesday appointed SBI’s senior-most Managing Director Dinesh Kumar Khara as the chairman of the country’s largest lender.
The central government appoints Dinesh Kumar Khara as chairman of State Bank of India (SBI) for a period of three years with effect from the date of his taking over charge of the post on or after October 7, 2020 or until further orders, whichever is earlier, according to a notification issued by the Finance Ministry.
Currently, Khara is the Managing Director in-charge of Global Banking & Subsidiaries.
He replaces Rajnish Kumar, who completed his three-year term on Tuesday.
Khara’s ascension to the top post comes at a time when the banking industry is facing an unprecedented challenge due to the COVID-19 pandemic.
He holds a board-level position and supervises the businesses of SBI’s non-banking subsidiaries.
Prior to being appointed managing director, he was the MD and CEO of SBI Funds Management Pvt Limited (SBIMF).
Khara, who joined SBI in 1984 as a Probationary Officer, was instrumental in merging five associate banks and Bharatiya Mahila Bank with SBI effective April 2017.
The new SBI chairman will have a tough task ahead as the banking sector is going through a major crisis due to the COVID-19 pandemic.