State Bank of India (SBI) chairman Dinesh Khara is likely to receive a 10-month extension in his tenure as the head of the country's largest public sector lender, CNBC TV-18 reported on August 24, citing sources who are privy to the development.
Khara's current term as SBI chief is scheduled to conclude in October. If his term is extended by another 10 months, he would continue as the bank's chairman till August 2024, by when he would attain the age of 63. As per SBI's norms, the chairman should retire on turning 63 years old.
Khara, a career banker, had taken over as the chairman of SBI in October 2020 for a three-year period. Prior to being elevated at the bank's helm, he was functioning as its managing director (global banking and subsidiaries). His stint at the SBI began in 1984, when he joined as a Probationary Officer.
Meanwhile, the sources also told CNBC TV-18 that the tenure of Ashwini Kumar Tewari, who is the SBI's incumbent MD, could be extended by two more years. His current term is scheduled to expire in January 2024.
Under the current leadership, SBI has been reporting strong financial results. Its net profit in FY23 topped Rs 50,000 crore - a first feat for any Indian bank. The momentum continued in the first quarter of the current fiscal, as the bank's net climbed 178 percent to Rs 16,884 crore. The gross non-performing assets ratio of the bank declined to 2.76 percent as compared with 3.91 percent last year.
In the trading session on August 24, the bank's scrip settled flat at Rs 576.70 on the BSE.
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