New Delhi: In a recent development, the Banks Board Bureau (BBB) on Friday recommended State Bank of India's senior-most managing director Dinesh Kumar Khara as the next chairman of the country's largest lender. As per reports, Khara will replace SBI current Chairman Rajnish Kumar, whose three-year term comes to an end on October 7. ALSO READ | NMDC Shares: Stock Surges 10% After Q1 Result; Demerger To Boost Cash Flows

Members of BBB, the headhunter for state-owned banks and financial institutions, interviewed four managing directors of State Bank of India (SBI) on Friday for the upcoming vacancy.

"Keeping in view their performance in the interface and their overall experience, the Bureau recommends...Dinesh Kumar Khara for the vacancy of Chairman in State Bank of India (and) Challa Sreenivasulu Setty as the candidate on the Reserve List for the said vacancy," BBB said in an official statement.

As per rules, the SBI chairman is appointed from a pool of serving managing directors at the bank. Rajnish Kumar, the current chairman of SBI took over the reins in 2017, when he replaced Arundhati Bhattacharya as the top boss.

Who is Dinesh Khara, the next SBI Chairman?

According to the official website of SBI General Insurance, currently Khara is the Managing Director of GB & S wing of State Bank of India. He holds a Board level position in the Bank supervising the businesses of non banking subsidiaries of the Bank.

Khara, 56, joined SBI as Probationary Officer (PO) in 1984 and has over 33 years of experience in all facets of Commercial banking such as Retail Credit, SME/Corporate Credit, deposit mobilization, international banking operations, branch management, etc.

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On the academic front, Khara did his Masters in Business Administration from FMS New Delhi and is a post-graduate in Commerce. He is also a Certified Associate of Indian Institute of Bankers (CAIIB).

Prior to being appointed as Managing Director of State Bank of India, Khara was the MD&CEO of SBI Funds Management Pvt. Limited (SBIMF).

Under his leadership the Company leaped one position up and became the 5th largest Mutual Fund in India with total AUM of about Rs. 1,30,000 crore by improving its market share to 8.8 per cent from 7 per cent.

The website also says that as Chief General Manager - Bhopal Circle, State Bank of India, Khara was responsible for managing around 1,400 branches and handling deposits and advances portfolio of approx. Rs 1.51 lac crores.

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As GM in Associates and Subsidiaries department of SBI Corporate Centre, Khara worked closely with the operational and strategy issues of various Non-banking subsidiaries of SBI.

Khara has worked in Bank’s Chicago office and was associated with the overseas acquisition of Indian Ocean International Bank Mauritius (now SBI Mauritius) during his stint in Overseas Expansion wing of International Banking Group.