Piramal Finance has appointed former State Bank of India Chairman Dinesh Kumar Khara as an Independent Director for a five-year term. His vast experience in banking, digital transformation, and large-scale mergers is expected to bolster the NBFC's governance and strategic expansion as it scales its retail-led credit business.
Former SBI Chairman Dinesh Kumar Khara Joins Piramal Finance Board
Appointment of Independent Director for a five-year term effective October 19, 2026.
Approval granted by the Board based on the recommendation of the Nomination & Remuneration Committee.
Reader Takeaway: Industry veteran joins board, signaling enhanced governance and strategic expertise for the retail-focused NBFC expansion.
What just happened
Piramal Finance Limited has officially appointed Mr. Dinesh Kumar Khara to its Board of Directors as an Additional Director, specifically serving in an Independent capacity. The appointment is effective as of October 19, 2026, and is slated for a five-year duration, pending formal ratification by the company shareholders. The decision reflects a strategic addition to the board's leadership bench.
Why this matters
The induction of Mr. Khara brings nearly 40 years of profound expertise in the Indian banking landscape to Piramal Finance. His previous leadership as the Chairman of the State Bank of India—where he oversaw the YONO digital transformation and the massive consolidation of SBI's associate banks—positions him as a key advisor for a company aiming to scale its retail footprint. For shareholders, this appointment serves as a testament to the company's commitment to high-level corporate governance and professional oversight in its upper-layer NBFC operations.
The background of the appointee
Mr. Khara is a career banker whose influence at India's largest lender, SBI, spanned from October 2020 through August 2024. Beyond his tenure at the helm of SBI, he has served in various capacities across the financial services sector and currently acts as an Operating Advisor to the Abu Dhabi Investment Authority. He holds an MBA from the Faculty of Management Studies and a Master of Commerce from the University of Delhi.
Context metrics
Piramal Finance operates as a major retail-led, upper-layer NBFC in India. As of September 30, 2026, the firm manages Assets Under Management (AUM) exceeding INR 1.10 lakh crore and maintains a customer base of over 6.5 million. The company's creditworthiness remains robust, holding an 'AA+' rating with a 'Stable' outlook from major credit agencies including CRISIL, ICRA, and CARE.