The Bureau also recommended Challa Sreenivasulu Setty as the candidate on the reserve list for the post.
The two other MDs were Arijit Basu, who is slated to retire next month, and Ashwani Bhatia, who was appointed MD early this month.
According to convention, SBI’s chairman is appointed from a pool of serving managing directors at the bank.
Khara was appointed managing director on August 10, 2016, for a three-year term. Later, his term was extended by two years. He joined SBI
as a probationary officer in 1984. He did his Masters in Business Administration from FMS, New Delhi, and is a postgraduate in Commerce. He is also a Certified Associate of Indian Institute of Bankers (CAIIB).
In his career spanning 36 years, he has handled assignments in all facets of commercial banking, such as retail credit, SME/corporate credit, deposit mobilisation, international banking operations, and branch management.
He played a crucial role in merging five associate banks
and Bhartiya Mahila Bank with SBI.