10 August 2016 Current Affairs: Dinesh Kumar Khara was appointed Managing Director (MD) of State Bank of India (SBI) on 9 August 2016 .
The Appointments Committee of Cabinet (ACC) has appointed Khara for a period of three years, extendable by two years after review of his performance.
At present, Khara is working as MD and Chief Executive Officer of SBI Funds Management Pvt Ltd.
On the other hand, Ashok Kumar Garg and Raj Kamal Verma have been appointed as Executive Director (ED) of Bank of Baroda and Union Bank of India respectively. Gopal Murli Bhagat and Himanshu Joshi have been appointed as ED of Corporation Bank and Oriental Bank of Commerce respectively.
State Bank of India : State Bank of India is an Indian multinational, public sector banking and financial services company.It is a government-owned corporation.Its headquarters is located in Mumbai, Maharashtra.As of 2014-15, it had assets of 310 billion US dollar.
It is ranked 232nd on the Fortune Global 500 list of the world's biggest corporations as of 2016.It is one of the Big Four banks of India, along with ICICI Bank, Bank of Baroda and Punjab National Bank.
SBI’s roots lie in the first decade of the 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay, incorporated on 15 April 1840, and the Bank of Madras, which was incorporated on 1 July 1843.
The Presidency banks merged on 27 January 1921, and the re-organised banking entity took as its name Imperial Bank of India.On 1 July 1955, the Imperial Bank of India became the State Bank of India.