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NEW DELHI: SBI chairman Dinesh Khara is likely to get an extension until August 2024, giving him almost another year at the helm as his current tenure is to end in October.
Under existing norms, SBI chairman is given a term up to 63 years but Khara reaches that age next August. There are other public sector bank chiefs who were not given additional time in office despite being several months away from reaching the age of superannuation.
Ashwini Kumar Tewari, whose term as MD is due to end in January, 2024, is also in line to get another two years on the job.
An extension to Khara and Tewari may also upset the succession plan at SBI. C S Setty, the current MD, was widely seen to be in line to succeed his current boss. Alok Kumar Choudhary is the third MD on the board of the country’s largest lender with one MD post falling vacant following the appointment of Swaminathan J as RBI deputy governor.
Separately, the Financial Services Institutions Bureau – the agency responsible for selecting the heads of state-run banks, insurance companies and financial institutions – is discussing a proposal to increase the retirement age for SBI and LIC chiefs to 65 years. A decision is, however, yet to be taken by the government on the issue.
Khara had been given a three-year term and took one of the most sought-after jobs in the financial services industry amid the pandemic and has been at the helm during the recovery. During the last quarter, the bank reported a 178% jump in profits to Rs 16,884 crore.
In recent years, O P Bhatt and Arundhati Bhattacharya had tenures that lasted over four years, while Rajnish Kumar, Khara’s predecessor, had a three-year term as SBI chairman.
Under existing norms, SBI chairman is given a term up to 63 years but Khara reaches that age next August. There are other public sector bank chiefs who were not given additional time in office despite being several months away from reaching the age of superannuation.
Ashwini Kumar Tewari, whose term as MD is due to end in January, 2024, is also in line to get another two years on the job.
An extension to Khara and Tewari may also upset the succession plan at SBI. C S Setty, the current MD, was widely seen to be in line to succeed his current boss. Alok Kumar Choudhary is the third MD on the board of the country’s largest lender with one MD post falling vacant following the appointment of Swaminathan J as RBI deputy governor.
Separately, the Financial Services Institutions Bureau – the agency responsible for selecting the heads of state-run banks, insurance companies and financial institutions – is discussing a proposal to increase the retirement age for SBI and LIC chiefs to 65 years. A decision is, however, yet to be taken by the government on the issue.
Khara had been given a three-year term and took one of the most sought-after jobs in the financial services industry amid the pandemic and has been at the helm during the recovery. During the last quarter, the bank reported a 178% jump in profits to Rs 16,884 crore.
In recent years, O P Bhatt and Arundhati Bhattacharya had tenures that lasted over four years, while Rajnish Kumar, Khara’s predecessor, had a three-year term as SBI chairman.
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