Dinesh Kumar Khara, former Chairman of State Bank of India, is in the spotlight after HDFC Bank’s MD & CEO, , announced that he will not seek a new term as chief executive when his tenure ends in October.
Jagdishan’s decision suddenly put HDFC Bank in transition mode — putting succession in focus.
A CNBC-TV18 report, citing sources, suggested that Khara is in the running for the next HDFC Bank MD & CEO. Livemint could not independently verify the news report.
The news outlet, citing sources, said the board of India’s largest private-sector lender even approached Khara for the part-time Chairman position, but he declined. This came after quit HDFC Bank in March, and Rajiv Kumar was appointed part-time Chairman.
“I have no clue about it and genuinely have no comment on the subject,” Dinesh Khara told CNBC-TV18.
Notably, a Reuters report suggested that , who has been deputy managing director of HDFC Bank since 2023, is the frontrunner for the top post.
However, sources told CNBC-TV18 that because Bharucha’s 15-year tenure as a full-time director on the board will end in 2029, his run to the top would be very short and may hinder his name from being considered.
According to a CNBC-TV18 report, HDFC Bank is also considering other SBI Managing Directors as likely candidates for the next MD & CEO, given their experience successfully leading a large bank.
While there is no official word from HDFC Bank, here’s a look at Dinesh Khara’s career — a likely candidate whose name has reportedly emerged as a contender for the top post.
Who is Dinesh Kumar Khara?
Dinesh Kumar Khara is a veteran banker who served as the Chairman of the country’s largest public-sector lender, the State Bank of India (SBI), from 7 October 2020 to 28 August 2024.
Over a banking career spanning four decades, 65-year-old Khara built a reputation as a decisive leader, turnaround specialist, and key driver of SBI’s digital and structural transformation.
Khara joined SBI as a Probationary Officer (PO) in 1984, working across retail credit, deposit mobilisation, branch management, and international banking operations. He is widely credited with successfully orchestrating the landmark merger of SBI with its five associate banks and Bharatiya Mahila Bank.
Khara served as Chief Executive of SBI Funds Management Pvt. Ltd. (SBIMF) before his appointment as Managing Director of SBI.
In 2019, he was appointed the Chairman of the Indian Banks’ Association (IBA). During his tenure, he led negotiations following the COVID-19 outbreak, successfully lobbying the government for credit guarantees for small businesses and securing the RBI’s debt recast window for pandemic-hit borrowers.
Under his stewardship, SBI was instrumental in rallying a consortium of lenders to take control of and stabilise the capital-starved Yes Bank.
To streamline customer service across branch networks, Khara spearheaded the aggressive rollout of SBI’s flagship digital banking platform, YONO, expanding its user base past 27 million registered users.
Education & Credentials
Dinesh Khara completed his Master of Business Administration (MBA) from the Faculty of Management Studies (FMS), Delhi and is a post-graduate in commerce.
He is also a certified associate of the Indian Institute of Banking and Finance (IIBF).
Leadership Philosophy
Known for pushing back against bureaucratic delays, Khara has consistently emphasised swift, black-and-white decision-making:
“My biggest strength is decision making. I don’t sit on papers. There is no grey area when it comes to decision making. It’s either black or white. I must say Yes or No. One wrong decision is better than indecision any day, as the cost of indecision is too much,” Dinesh Kumar Khara told Mint in 2017.