Dinesh Kumar Khara is the Newly Appointed Chairman of SBI

The Centre appointed Dinesh Kumar Khara as the new Chairman of State Bank of India (SBI). Khara's appointment comes into effect from October 7, for a period of three years.

"The Central Government, hereby appoints Dinesh Kumar Khara (date of birth: 28.8.1961), Managing Director, State Bank of India as Chairman, State Bank of India for a period of three years with effect from the date of his taking over charge of the post on or after 7.10.2020, or until further orders, whichever is earlier," a notification by the Department of Financial Services said.

Prior to being appointed as Chairman of the bank, Khara was the Managing Director (Global Banking & Subsidiaries) of the bank, and in this role, led and steered the International Banking Group, Corporate and Treasury operations of the bank.

"As Managing Director (Associates & Subsidiaries), Khara successfully accomplished merging of five Associate Banks and Bharatiya Mahila Bank with SBI," the state-run bank said in a regulatory filing.

Earlier he was also the MD and CEO of SBI Funds Management Pvt Ltd (SBIMF).

Khara, 59, did his Masters in Business Administration from FMS New Delhi and is a post-graduate in Commerce from Delhi School of Economics. He joined the SBI as a probationary officer in 1984 and has over 36 years of rich experience in all facets of banking.

He will replace incumbent Rajnish Kumar, whose three-year term comes to an end on October 7.

In August, the Banks Board Bureau had recommended Khara as the next Chairman of India's largest public sector bank.

Separately, it had recommended the names of Swaminthan Janakiraman and Ashwini Kumar Tewari for the posts of MD in SBI.