Indian government appoints Dinesh Kumar Khara as the new State Bank of India(SBI) chairman for consecutive 3 years from October 7. Khara will replace Rajnish Kumar, whose three-year term comes to an end on 7 Oct from SBI. Khara joined SBI in 1984 as a Probationary Officer, was instrumental in merging five associate banks and Bharatiya Mahila Bank with SBI effective in April 2017. The country's largest lender bank, SBI, is headed by a chairman with four managing directors to assist. As provocation Khara was the contender for the chairman's post in 2017 as well.
He was earlier a managing director of SBI in August 2016 and worked on the same designation for three years and got an extension in 2019 for two years after reviewing his performance by the authorities. Before being appointed as managing director, he was the MD and CEO of SBI Funds Management Pvt Limited (SBIMF). He joined SBI in 1984 as a Probationary Officer, was assigned a job in merging five associate banks and Bharatiya Mahila Bank with SBI effective April 2017.
Khara as the new SBI chairman will have to do tough tasks because the banking sector is going through a major crisis due to the COVID-19 pandemic. As of June 30, SBI had made total provisions of ₹3,000 crores to cover potential COVID-19 losses. The gross non-performing asset (NPA) ratio of 5.44 percent was lower than 6.15 percent in the March quarter. Keeping in view the 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 statement.
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