Dinesh Khara retired as the chairman of State Bank of India and as director of SBI Cards & Payment Services Ltd. after completion of his term on Tuesday.
"I take this opportunity to extend my deepest gratitude to all my colleague Board members, the management team and all the stakeholders of the Company for their collaboration and constructive support over the year," Khara said in his resignation letter to the board, according to the exchange filing.
CS Setty, who currently acts as one of the four managing directors of the bank, is set to take over as the 27th chairman of SBI immediately after.
Under Khara not only has SBI's profitability grown, the quality of its loan book has also improved significantly. Khara will leave behind a lender at the peak of its performance.
SBI's stock rose as much as 0.54% during the day to Rs 819.45 apiece on the NSE. It closed 0.10% higher at Rs 815.90 per share, compared with a 0.03% advance in the benchmark Nifty. The share price has risen 42.43% in the last 12 months and 27.22% on a year-to-date basis.
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