The Financial Services Institutions Bureau (FSIB), an autonomous body under the Centre, will conduct interviews on May 21 to recommend a candidate for the State Bank of India (SBI) chairman’s post, Mint has reported.
Dinesh Kumar Khara retires on August 28 and the new chairman will take charge the same day.
The front-runners for the position are the state-owned lender’s three managing director s— CS Setty, Ashwini Kumar Tewari and Vinay M Tonse. Alok Kumar Choudhary, the fourth managing director, retires at the end of June.
Moneycontrol couldn't verify the report independently.
A former SBI chairman, who didn’t want to be identified, told Mint, “All three candidates are top-class talent, who will be able to provide stability to SBI. Whoever becomes the chairman will be good for the bank.”
Among the contenders, Setty is the most senior, with nearly 36 years of service at SBI. He has overseen various critical areas, including managing the Rs 1.49-trillion stressed assets portfolio during the peak of the bad loan cycle in 2018.
At 57, Tewari is the youngest of the trio, who joined SBI as a probationary officer in 1991.
Tonse assumed the role of MD in November 2023, overseeing retail banking after his predecessor was appointed a deputy governor of the Reserve Bank of India (RBI).
Reflecting on Khara's tenure, a former senior SBI official said, “Khara’s main achievement is that he has been able to improve the financial performance of the bank. Since he took charge as chairman, the share price has zoomed from Rs 250 levels to Rs 820 per share.”
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