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Will replace saline Chairman of SBI Rajneesh Kumar, whose three-year term ends on October 7.
The heads of state-owned banks and financial institutions, members of BBB, interviewed four managing directors of State Bank of India (SBI) on Friday for the upcoming vacancy.
“Considering his performance and his overall experience in the interface, the bureau recommended … Dinesh Kumar Khara for the post of Chairman at State Bank of India (and) Challa Srinivasulu Seti As a candidate in the Reserve List for the said vacancy, ”BBB said in a statement.
The recommendation of BBB will now be sent to the government.
The final decision will be taken by the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi.
According to the convention, the chairman of SBI is appointed from a pool of managing directors serving in the bank.
Interestingly, Khara was also one of the contenders for the post of chairman in 2017.
Khara was appointed as the Managing Director of SBI in August 2016 for a three-year term. He received a two-year extension in 2019 after reviewing his performance.
One of the alumni of the Faculty of Management Studies, University of Delhi, heads SBI’s Global Banking Division. He holds a board level position and supervises the businesses of non-banking subsidiaries of SBI.
Prior to being appointed Managing Director, he was the MD and CEO of SBI Funds Management Private Limited (SBIMF).
Khara, who joined SBI as a probationary officer in 1984, was instrumental in the merger of five associate banks and Bharatiya Mahila Bank with SBI effective April 2017.
New president of sbi Going forward will be a difficult task as the banking sector is going through a major crisis due to COVID-19 epidemic.
As of June 30, SBI had made a total provision of Rs 3,000 crore to cover the potential COVID-19 deficit. The gross non-performing asset (NPA) ratio was 5.44 per cent lower and 6.15 per cent in the March quarter.
The BBB is headed by former personnel department and training secretary Bhanu Pratap Sharma.
Among its members is Secretary, Department of Financial Services; Secretary, Department of Public Enterprises; And RBI Deputy Governor in charge of banking.
Other part-time members are Vedika Bhandarkar, former MD of Credit Suisse; P. Pradeep Kumar, former MD of SBI; And Pradeep P Shah, the founding managing director of rating agency CRISIL.
Prime Minister Narendra Modi approved the formation of the BBB in 2016 as a body of eminent professionals and officials to make recommendations for the appointment of full-time directors and non-executive heads of public sector banks.
It was tasked to engage with the board of directors of all PSBs to formulate appropriate strategies for their growth and development.
The government wanted to encourage bank boards to restructure lenders’ business strategies and also suggest avenues for their consolidation and merger.
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