Dinesh Kumar Khara will acquire the managing director of State Bank Of India, after bidding farewell to the former managing director Rajnish Kumar.
Khara has been appointed for three years with effect from Oct. 7, according to a government notification on Tuesday night.
Rajnish Kumar’s three-year term ended on 6th October 2020.
In charge of SBI’s subsidiaries and international banking businesses, Khara was recommended for the chairman’s role by the Banks Board Bureau in August.
On Monday, the bureau also recommended the names of S Janakiraman and Ashwani Tewari for the two managing director posts falling vacant at the end of this month.
Arijit Basu, the managing director in charge of large corporate banking at SBI, retires on Oct. 31.
With SBI since 1984, Khara built his career across the retail, corporate, small business units of the bank.
In his current role, he was the man behind the listing of SBI Life Insurance Co. and SBI Cards & Payments Services Ltd., two subsidiaries of the bank.
Khara was also a key official behind the merger of five associate banks with SBI in 2017.
As the bank’s new chairman, Khara will need to manage its response to the Covid-19 crisis.
SBI recently put out guidelines for restructuring personal and corporate loans under the RBI’s one-time recast window.
As chief of the country’s largest lender, Khara will also need to lead efforts to resolve any large corporate stressed assets under consortium lending arrangements.