Appointment Overview
Piramal Finance Limited announced that Mr. Dinesh Kumar Khara, former Chairman of the State Bank of India (SBI), has been appointed as an Independent Director for a five‑year term effective 19 October 2026.
Director Background
Mr. Khara joined SBI as a Probationary Officer in 1984 and subsequently held senior positions across corporate and international banking, treasury, risk, technology and compliance, as well as oversight of several SBI non‑banking subsidiaries. He served as Chairman of SBI from October 2020 to August 2024, during which he oversaw the merger of SBI’s five associate banks and Bharatiya Mahila Bank into the parent entity. As Chairman he led a major financial and digital transformation, strengthening asset quality, expanding advances and scaling digital platforms such as YONO.
SBI Performance Under Khara
During his tenure SBI’s market capitalisation increased from roughly US$20 billion to US$90 billion, a compound annual growth rate of about 47 %. Return on equity rose from approximately 7.7 % to over 20 %, and the net NPA ratio fell from 1.50 % in FY 21 to 0.57 % in FY 24. The bank received numerous accolades, including Lifetime Achievement Awards at the Business Today Best Banks Awards 2025 and Financial Express Best Banks Awards 2024, CNN‑News18 Indian of the Year 2023 (Business), BFSI Best CEO award in the BT‑PwC India’s Best CEOs ranking 2022, Company of the Year 2023 by The Economic Times Awards for Corporate Excellence, and Global Finance’s Best Bank Award in 2022 and 2023.
Current Roles and Qualifications
Mr. Khara presently acts as an Operating Advisor to the Abu Dhabi Investment Authority, providing advice on investment opportunities, commercial due diligence and portfolio companies, and serves as an Independent Director on the boards of several prominent firms. He holds an MBA from the Faculty of Management Studies, a Master of Commerce from the University of Delhi and is a Fellow of the Indian Institute of Banking and Finance.
Piramal Finance Profile
Piramal Finance Limited is a retail‑led upper‑layer NBFC with pan‑India coverage. As of 30 September 2026 the company manages assets under management exceeding INR 1.10 lakh crore, serves more than 6.5 million customers across 26 states and operates a “phygital” model covering over 13,000 pin codes, supported by machine‑learning models, agentic AI tools and real‑time dashboards. The firm is rated AA+ with a stable outlook by CRISIL, ICRA and CARE for its domestic long‑term debt, BB by S&P Global internationally and Ba2 with a positive outlook by Moody’s.
Lending Business
In retail lending Piramal Finance offers affordable housing loans, loan‑against‑property, gold loans, micro‑finance, used‑car loans, personal loans, insurance solutions and small‑business credit, targeting metro‑adjacent, semi‑urban and rural markets. In wholesale lending it provides asset‑backed, data‑driven financing across real‑estate and selected non‑real‑estate sectors, focusing on mid‑income residential development and bespoke capital solutions for mid‑market corporates. The company emphasises a digital‑first approach and AI‑enabled platforms to expand affordable credit and drive inclusive growth across India.
Chairman’s Comment
Anand Piramal, Chairman of Piramal Finance, said he is delighted to welcome Mr. Khara, noting that under Khara’s leadership SBI’s annual net profit nearly tripled to INR 61,077 crore, its loan book grew by more than 50 % to roughly INR 38 lakh crore and its net NPA ratio fell by over 60 %, aligning with Piramal Finance’s purpose of responsible, inclusive finance.