SBI chief Dinesh Khara's tenure extended till August 2024: Report
State Bank of India (SBI), has been extended till August 2024, news agency Reuters reported on October 5, citing government sources who are privy to the development. Khara's current tenure was scheduled to conclude on October 7. As per the persons aware of the matter, the SBI chief has been asked to continue till he attains the age of 63, in August next year.
An official order was awaited from the government by the time the preliminary reports emerged. While the finance ministry was yet to respond to the report, the norms state that the chairman of SBI can continue in his post till the age of 63. According to Reuters, the notification to confirm Khara's tenure is expected to be issued shortly.
Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here! Khara was appointed at the helm of the country's largest public sector lender for a three year-period on October 7, 2020. Under his watch, SBI reported strong financials.
In the entire FY23, it recorded a net profit of ₹50,232 crore, marking an on-year growth of 58.5 percent. This was the first time when a bank reported an annual profit of over ₹50,000 crore. In the first quarter of FY24, SBI reported that its operating profit grew by 98.37 percent to ₹25,297 crore from ₹12,753 crore in the year-ago period.
The bank also reported a 24.71 percent YoY rise in its net interest income to ₹38,905 crore. In the trading session on October 5, SBI's scrip settled at ₹591.60 apiece on the BSE, which was 0.96 percent higher as against the previous day's close. On the NSE, the shares closed 1.01 percent higher at ₹592.15."Exciting news! Mint is now on WhatsApp Channels
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