Dinesh Khara, the Chairman of State Bank of India (SBI), is reportedly poised to receive a 10-month extension in his tenure as the leader of India’s largest public sector lender. According to information from sources familiar with the matter, CNBC TV-18 reported this development on August 24.
As of now, Khara’s current term as the head of SBI is set to conclude in October. If his tenure is prolonged by an additional 10 months, he would serve as the chairman until August 2024, reaching the age of 63 by that time. In adherence to SBI’s guidelines, the chairman is expected to retire upon reaching the age of 63.
Khara, a seasoned banker, assumed the role of SBI’s chairman in October 2020 for an initial three-year period. Prior to his elevation to the top position, he held the role of Managing Director for Global Banking and Subsidiaries. His journey with SBI began in 1984 when he joined as a Probationary Officer. Alongside this, insiders shared with CNBC TV-18 that Ashwini Kumar Tewari, the current MD of SBI, might also witness a two-year extension in his term. Tewari’s present term is set to conclude in January 2024.
During the current leadership’s tenure, SBI has consistently showcased robust financial performance. The bank achieved a noteworthy milestone in the fiscal year 2022-23, recording a net profit exceeding Rs 50,000 crore – an unprecedented accomplishment for any Indian bank. This momentum persisted into the initial quarter of the ongoing fiscal year, as the bank’s net profit surged by 178 percent to reach Rs 16,884 crore. Moreover, the bank’s gross non-performing assets ratio experienced a decline, standing at 2.76 percent compared to last year’s 3.91 percent.
