SBI Chairman’s Service To Extend, Centre Considers Raising Retirement Age For PSBs Heads, MDs

State Bank of India (SBI) Chairman Dinesh Khara’s service period is supposed to be extended as the Centre is reportedly considering relaxing the retirement age of public sector banks and LIC's Chief, according to a media report on Saturday.

The government is also proposing to hike the retirement age limit of managing directors of public sector banks (PSBs) to 62 years, from the current 60 years, the report said additionally.

Currently, under the existing norm, the SBI chairman can hold the post until 63 years of age and the retirement age of the LIC Chairman is 62 years.

Veteran banker Khara took over as SBI Chairmanship in October 2020 for a period of three years and will attain 63 years in August next year.

Meanwhile, discussions for raising the superannuation age for managing directors of PSBs to 62 years from 60 years, are also in process, the report added.

However, a final decision has yet not been taken on the retirement age for heads of PSBs and LIC.