Dinesh Khara, the Chairman of the State Bank of India (SBI), has received an extension of his tenure until August 2024, according to government sources cited by news agency Reuters on October 5. Khara’s original tenure was set to conclude on October 7, but he has been asked to continue in his role until he reaches the age of 63 in August next year.
While an official order from the government was pending at the time of the preliminary reports, the norms governing the chairman of SBI’s position allow for an extension until the age of 63. The formal notification confirming Khara’s extended tenure is expected to be issued shortly.
Dinesh Khara assumed the role of Chairman of the country’s largest public sector lender, SBI, for a three-year term starting on October 7, 2020. Under his leadership, the bank has reported robust financial results. In the entire fiscal year 2022-23, SBI recorded a net profit of ₹50,232 crore, marking an impressive year-on-year growth of 58.5 percent. This marked the first time that an Indian bank reported an annual profit exceeding ₹50,000 crore.
In the first quarter of the fiscal year 2023-24, SBI reported substantial growth in its operating profit, which surged by 98.37 percent to ₹25,297 crore, compared to ₹12,753 crore in the same period the previous year. The bank also reported a 24.71 percent year-on-year increase in its net interest income, reaching ₹38,905 crore.
In the trading session on October 5, SBI’s stock settled at ₹591.60 per share on the BSE, representing a 0.96 percent increase compared to the previous day’s closing price. On the NSE, the shares closed 1.01 percent higher at ₹592.15.
Dinesh Khara’s tenure extension at SBI reflects the government’s confidence in his leadership and the bank’s strong financial performance during his tenure. As one of India’s most prominent financial institutions, SBI plays a crucial role in the country’s banking sector, and its continued stability and growth are of paramount importance to the Indian economy.