New Delhi: On Tuesday, the government appointed Dinesh Kumar Khara chairman of the State Bank of India for three years from October 7.
The nation’s largest lender, SBI, is run by a president with four CEOs to help.
Khara will replace SBI Chairman Rajnish Kumar, whose three-year term ends on October 7.
Interestingly, Khara was also among the contenders for the position of president in 2017.
Khara was appointed Managing Director of SBI in August 2016 for a three-year term. He got a two-year extension in 2019 after reviewing his performance.
A former student of the University of Delhi School of Management Studies, Khara heads SBI’s Global Banking division. He serves at the board level and oversees the business of SBI’s non-bank subsidiaries.
Before being appointed Managing Director, he was Managing Director and Chief Executive Officer of SBI Funds Management Pvt Limited (SBIMF).
Khara, who joined SBI in 1984 as a probationary officer, was instrumental in the merger of five partner banks and Bharatiya Mahila Bank with SBI beginning in April 2017.
The new SBI president will have a difficult task ahead of him, as the banking sector is going through a major crisis due to the COVID-19 pandemic.
As of June 30, the OSE had made total provisions of ₹Rs 3 billion to cover potential losses from COVID-19. The gross non-performing asset ratio (NPA) of 5.44 percent was down from 6.15 percent in the March quarter.
The Bureau of the Board of Banks (BBB) on Friday recommended the name of Dinesh Kumar Khara, SBI’s most senior managing director, as the next president of the country’s largest lender.
“Taking into account your interface performance and overall experience, the Office recommends … Dinesh Kumar Khara for the president vacancy at the State Bank of India (and) Challa Sreenivasulu Setty as a candidate on the Reserve List for said vacant, “BBB said in a statement.
Under the convention, the president of the SBI is appointed from a group of CEOs serving at the bank.
With contributions from the agency
.
