The largest bank of the country, State Bank of India (SBI) has positioned Dinesh Kumar Khara as its Chairman after the incumbent Rajneesh Kumar’s retirement. His appointment will be effective from October 7 for a period of three years.
The Banks Board Bureau (BBB) has recommended the appointment of Swaminthan Janakiraman and Ashwini Kumar Tewari as Managing Directors of SBI.
Janakiraman, Deputy MD and Tiwari, CEO of SBI Cards will replace Khara and Arijit Basu, who is due to retire at the end of the month.
The recommendation made by BBB is followed by an interview of 16 candidates with SBI General Insurance MD Prakash Chandra Kandpal and SBI deputy MD Alok Kumar Choudhary on the reserve list.
The first choice for the position of Chairman was Khara, the senior-most MD.
In 1984, Khara had started out as a probationary officer after graduating in commerce. He also holds an MBA degree from Delhi University’s Faculty of Management Studies. An officer of the Delhi circle, he has held various posts and also headed the Bhopal circle.
He also spearheaded the merger of five associates and Bhartiya Mahila Bank with SBI in Chicago. He also headed SBI Mutual Fund and SBI General. During his stint with SBI Mutual Fund, Khara is credited with ramping up the business and helping scale up the asset management business, which had been stagnating for close to a decade.
The 59-year-old took over as an MD of SBI in August 2016 and was given a two year extended term.
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