New Delhi, Oct 7 (IANS): Dinesh Kumar Khara on Wednesday took charge as the new Chairman of the State Bank of India (SBI) for a period of three years.

He succeeds Rajnish Kumar, whose term ended on October 6.

Khara was appointed the Chairman on Tuesday. Prior to his new role, he was Managing Director, Global Banking & Subsidiaries at the SBI.

Khara has over three and a half decades of rich and diverse experience in all facets of banking such as retail, corporate credit, and international banking.

In a statement, the state-run bank on Wednesday said that as Managing Director, Khara was instrumental in successfully executing the merger of five associate banks and Bhartiya Mahila Bank with the SBI that made the bank join the league of top 50 banks globally.

Khara has also served SBI Funds Management Pvt. Ltd. (SBIMF) as MD and CEO prior to his appointment as Managing Director at SBI, and under his leadership, it went on to become the fifth largest mutual fund company in India.

In August, the Banks Board Bureau recommended his name to head to the country's largest public sector bank.