Dinesh Khara appointed as SBI chairman for 3 years effective October 7

The government on Tuesday appointed Dinesh Kumar Khara as the new chairman of India's largest public-sector lender State Bank of India (SBI) for a period of three years, a notification said.

Khara, who was among the contenders for the chairman's post in 2017 as well, will replace Rajnish Kumar, whose three-year term comes to an end on October 7. Khara's term begins from the date of his taking over the charge, the government notification said.

Earlier on Friday, the Banks Board Bureau (BBB) -- the body responsible for selecting the public sector bank chiefs -- had recommended Khara's name for the top post at SBI.

Khara was appointed as managing director of SBI in August 2016 for a three-year term. He got a two-year extension in 2019 after review of his performance.

The chairman of SBI is assisted by four managing directors.

An alumnus of the Faculty of Management Studies of Delhi University, Khara currently leads the Global Banking division of SBI. He holds a board-level position and supervises the businesses of SBI's non-banking subsidiaries.

Khara was one of the key persons within the bank who played an instrumental role in the merger of SBI with six associate banks in 2017.

Prior to being MD at SBI, he also headed SBI Funds Management Pvt Limited (SBIFMPL).

As per the convention, the SBI chairman is appointed from the internal talent pool.