Retirement age of Bank Heads may be increased from 60 to 62 years

The government is considering increasing the retirement age of the managing directors (MDs) and chief executive officers (CEOs) of public sector banks by two years, as per sources.

The retirement age of the State Bank of Bank India chairman could also increase to 65 from 63, said one of the persons.

The retirement age of the heads of public sector banks, except for SBI, is 60 years, at present, which could be increased to 62, according to an official aware of the matter. The age of LIC chairman will also increase to 65.

The government last year increased the maximum term for MD and CEO to 10 years from five years. The rule also applied to full-time directors at public sector banks.