Centre appointed Dinesh Kumar Khara as SBI chairman

The central government has appointed SBI’s senior-most Managing Director Dinesh Kumar Khara as the chairman of the the country’s largest lender.

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Key-Points

He has been appointed as SBI Chairman for a period of three years. On August 28, Bank Board Bureau had recommended the appointment of Dinesh Kumar Khara to the post of chairman of SBI.

He was instrumental in merging five associate banks and Bharatiya Mahila Bank with SBI effective April 2017.

State Bank of India (SBI) is an Indian multinational, public sector bank headquartered in Mumbai.

The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta in 1806. Three years later the bank was re-designed as the Bank of Bengal (in 1809).

The Bank of Bombay (1840) and the Bank of Madras (1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India in 1921.

Pursuant to the provisions of the State Bank of India Act of 1955, the RBI acquired a controlling interest in the Imperial Bank of India. On 1 July 1955, the Imperial Bank of India became the State Bank of India.

In 2008, the Government of India acquired the RBI’s stake in SBI so as to remove any conflict of interest because the RBI is the country’s banking regulatory authority.