The Government of India on Thursday, October 5, extended State Bank of India chairman Dinesh Khara's tenure till August 2024. Currently, the retirement age for the SBI chairman is capped at 63. Khara will turn 63 in August 2024. His current term was set to end in October.

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Earlier, CNBC-TV18 had reported, citing sources, that the SBI chairman was expected to have his tenure extended by another 10 months. Khara was appointed as the chairman of India's largest lender on October 7, 2020.

Khara joined SBI as a probationary officer in 1984. Before assuming the role of SBI chairman, he had served as the managing director of the bank, overseeing global banking and SBI subsidiaries, among other responsibilities.

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The state-owned lender's Managing Director (MD) Ashwini Kumar Tewari, whose current term ends on January 27, 2024, has also been granted a two-year extension.

The State Bank of India reported a 178 percent rise in net profit at Rs 16,884 crore for the April-June quarter of the financial year 2024, up from Rs 6,068 crore in the previous year.

SBI share price ended nearly a percent higher on Thursday.

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First Published:Oct 5, 2023 7:14 PM IST