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Selection Process Begins for New Chairman of State Bank of India


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The Financial Services Institutions Bureau (FSIB) is expected to hold a meeting on May 21-22 to select the new Chairman of the State Bank of India (SBI), as disclosed by a knowledgeable source.

India has extended Dinesh Khara’s tenure as the chairman at State Bank of India, the country’s biggest bank, till August 2024. Khara had taken the role of SBI’s chairmanship on October 7, 2020 for three years. According to the norms, SBI chairman can hold the position till the age of 63.

The source stated, “FSIB will be conducting interviews for the Chairman of State Bank on May 21 and 22, as the current Chairman, Dinesh Kumar Khara’s term ends in August this year.”

FSIB, an independent body, recommends appointments for senior positions in public sector financial institutions. Established in 2022, it is headed by Bhanu Pratap Sharma, former Secretary of the Personnel and Training Department.

The bureau includes secretaries from the Departments of Financial Services and Public Enterprises, along with other specialist members. Both SBI and FSIB did not respond to emails regarding this matter.

Sources indicated that four Managing Directors (MDs) of SBI are leading contenders for the position. CS Setty, Ashwini Kumar Tewari, Alok Kumar Choudhary, and Vinay M. Tonse currently serve as MDs in SBI.

Choudhary is slated to retire on June 30, 2024. Previously, FSIB recommended Rana Ashutosh Kumar Singh for the role of Managing Director of SBI. Khara’s tenure was extended until August 28, 2024, upon reaching the age of 63 in October 2023.

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