The tenure of Dinesh Khara, the chairman of , 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. 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 , 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 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.