Dinesh Khara steps in as new SBI chairman as Rajnish Kumar's term comes to an end

• In the changing of the guard at India’s largest bank, the State Bank of India (SBI), Dinesh Khara will replace Rajnish Kumar as the new chairman.
• Khara was the first choice of India's headhunter for state-owned banks, the Bank Board Bureau (BBB).
• With Khara becoming chairman, his post as Managing Director will become vacant for which the BBB has recommended Swaminathan Janakiraman.

The government has approved the appointment of Dinesh Khara as the chairman of India’s largest bank, the State Bank of India (SBI). The three-year tenure of Rajnish Kumar, who currently holds the post, comes to an end today.

Khara was recommended by the Bank Board Bureau (BBB), which is tasked with identifying heads of public banks. He is the senior most among the four managing directors at the bank and was in charge of global banking and subsidiaries of the bank.

With the change of guard at SBI, his slot as Managing Director will now be open to a new candidate. Another Managing Director position will also become available by the end of the month when Arijit Basu will complete his term.

The BBB has already shortlisted two individuals to fill up posts. For Khara’s post they’ve recommended Swaminathan Janakiraman who is currently the Deputy Managing Director in charge of Finance at SBI. And, for the vacancy left by Basu, they’ve pitched Ashwini Kumar Tewari, who was recently named the MD and CEO of SBI’s subsidiary, SBI Card, in August.

In the reserve list, BBB has named Prakash Chandra Kandpal and Alok Kumar Choudhary for the Managing Director vacancies.

The final decision of who will finally take up the posts will be decided by the government with inputs from the Reserve Bank of India (RBI).

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