Bank Chiefs Retirement age: Retirement age of heads of all public sector banks may increase by 2 years

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The move will benefit SBI’s current chairman Dinesh Khara, who will turn 63 next year. Khara is yet to get an extension as his 3-year term ends in October.

The Indian government is considering increasing the retirement age of managing directors (MDs) and chief executive officers (CEOs) of public sector banks by two years. According to a news published in ET, the retirement age of the chairman of State Bank of India (SBI) may also increase from 63 to 65. The move will benefit the current SBI chairman Dinesh Khara, who will turn 63 next year. Khara is yet to get an extension as his 3-year term ends in October.

Now LIC chairman will retire at the age of 65

According to an official aware of the matter, the retirement age of heads of public sector banks, except SBI, which is currently 60 years, can be increased to 62 years. At the same time, the age of the chairman of LIC will also increase to 65 years. Let us tell you that last year the government had increased the maximum tenure for MD and CEO from 5 years to 10 years. This rule also applies to whole-time directors in public sector banks.

The government had issued a notification last year

For information, let us tell you that by issuing a notification on 17 November 2022, the government had increased the tenure of CEO and MD of public sector banks from 5 years to 10 years. However, as per this notification, the age of retirement will remain 60 years. According to this notification, this rule will also apply to whole-time directors of public sector banks.

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