Banks Board Bureau recommends Dinesh Khara as next SBI chairman

The Banks Board Bureau (BBB) on Friday recommended SBI's senior-most managing director Dinesh Kumar Khara as the next chairman of the country's largest lender.

Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.

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 a statement.

As per convention, the SBI chairman is appointed from a pool of serving managing directors at the bank.