Govt Grants Extension To SBI Chairman Dinesh Khara Till August 2024: Report

Dinesh Khara assumed the role of SBI's Chairman on October 7, 2020, with an initial term of three years in accordance with the norms that the SBI Chairman can serve until reaching the age of 63.

Centre has granted a tenure extension to the Chairman of the State Bank of India (SBI) Dinesh Khara until August 2024, reported Reuters citing two government sources. Khara assumed the role of SBI's Chairman, the country’s largest commercial bank, on October 7, 2020, with an initial term of three years in accordance with the norms that the SBI Chairman can serve until reaching the age of 63.

The government is likely to issue an order to this effect shortly, the sources told the news agency. Dinesh Khara's present tenure as the Chairman of SBI is set to conclude on October 6, as per a separate report by Businessline. If his term is extended by an additional 10 months, he will continue to hold the position until August 2024, at which point he will reach the mandatory retirement age of 63, in accordance with SBI's norm.

Khara, a seasoned banker, assumed the role of SBI's Chairman in October 2020, initially serving a three-year term. Prior to his elevation as Chairman, he held the position of Managing Director (Global Banking and Subsidiaries) at the bank. His association with SBI dates back to 1984 when he joined as a Probationary Officer. He served as MD & CEO of SBI Mutual Fund between November 2013 and August 2016 and was made MD of SBI in August 2016.

Khara is a postgraduate in commerce and holds an MBA degree in Finance from Delhi University’s Faculty of Management Studies. He is also a Certified Associate of the Indian Institute of Bankers (CAIIB).

During the current leadership's tenure, SBI has consistently reported robust financial results. In FY23, the bank achieved a landmark by surpassing a net profit of Rs 50,000 crore, a first among Indian banks. This positive momentum has carried forward into the first quarter of the current fiscal year, with the bank's net profit surging by 178 per cent to reach Rs 16,884 crore. Furthermore, the bank's gross non-performing assets ratio has decreased to 2.76 per cent, compared to 3.91 per cent in the previous year.