The new Chairman of State Bank of India (SBI) was appointed today. Dinesh Kumar Khara, the managing director of the organization takes over the position. He is appointed for a period of three years. His tenure will start from October 7th,2020.
The new Chairman replaced SBI Chairman Rajnish Kumar whose term ends on October 7. Due to the coronavirus pandemic, the banking sector is going through a major crisis along with other industries. The appointment of Khara comes at such a dicey stage.
The notification issued by the Finance Ministry reads that the appointment of Dinesh Kumar Khara will come into effect from 7th October 2020. He will be appointed as the Chairman of SBI for a period of three years. He was shortlisted for the post of Chairman in 2017 too.
The job will be extra challenging because already the Banking industry is in crisis.
Some takeaways from SBI’s new chairman Dinesh Kumar Khara are listed below:
- Dinesh Kumar Khara was recommended by the Bank Board Bureau for the post. The Bureau suggested him for the post of chairman of SBI on August 28th, 2020.
- Previously he handled the role of MD and CEO of SBI Funds Management Pvt Limited (SBIMF).
- Earlier, Dinesh Kumar Khara was selected in 2016 for the position of managing director. He was appointed for a tenure of three years and further in 2019, his term was extended. He was then appointed for two-year tenure after the authorities reviewed his performance.
- Dinesh Kumar Khara has an experience of over 33 years. At first, he joined the bank in 1984 as a probationary officer. He played a major part in the decision to merge five associate banks and also Bharatiya Mahila Bank with State Bank of India. It came effective in April 2017.
- His experience includes a wide arena including facets of commercial banking like SME/corporate credit, deposit mobilization, retail credit, branch management, and also internal banking operations.
- He is an alumnus of Delhi University as he did his Master’s in Business Administration from the Faculty of Management studies. He did his post-graduation in Commerce.