Dinesh Khara, the current Chairman of the State Bank of India (SBI), is set to retire on August 28, leaving a vacancy in the top leadership position. With his impending retirement, attention turns to the process of selecting his successor.
Reports indicate that the Financial Services Institutions Bureau (FSIB), under the central government, will conduct interviews on May 21 to identify the most suitable candidate for the role. The chosen individual will assume the position on the same day as Khara's retirement.
Among the top contenders for the position are three managing directors of SBI – CS Setty, Ashwini Kumar Tewari, and Vinay M Tonse, as reported by livemint.com. Another managing director, Alok Kumar Choudhury, is set to retire by the end of June.
CS Setty, boasting 36 years of experience at SBI, holds the position of the senior-most contender. Meanwhile, Ashwini Kumar Tewari, the youngest among them at 57, began his journey at the bank as a probationary officer in 1991. Vinay M Tonse, the newest addition, commenced his tenure as MD in November 2023, with his career starting as a probationary officer in 1988.
The successor to Khara will inherit a challenging role, given the remarkable financial growth SBI experienced under his leadership. During Khara's tenure, the bank witnessed a substantial surge in its share price, rising from Rs 250 to Rs 820 per share, as noted by a former SBI official quoted in the report.
In its latest financial report for the fourth quarter of FY24, SBI reported a robust 23.98% increase in profit, reaching Rs 20,698 crore from Rs 16,695 crore a year earlier. Additionally, the bank's interest earnings saw a significant uptick, growing by 19.46% to Rs 1.11 lakh crore during the reviewed quarter. For FY24 overall, SBI's operating profit soared by 12.05% year-on-year to Rs 93,797 crore, with the fourth-quarter operating profit rising by 16.76% year-on-year to Rs 28,748 crore.
