SBI Searches for Successor to Chairman Dinesh Khara

SBI Chairman Dinesh Khara will retire on August 28, and the next chairman will take charge the same day.

  • SBI Chairman Dinesh Khara will retire on August 28, and the next chairman will take charge the same day.
  • Three managing directors of SBI – CS Setty, Ashwini Kumar Tewari, and Vinay M Tonse – are frontrunners for the role.
  • Financial Services Institutions Bureau (FSIB) will conduct interviews on May 21 to recommend a candidate for the chairman’s post.

State Bank of India (SBI) is on the lookout for a successor to Chairman Dinesh Khara, who is set to retire on August 28. The Financial Services Institutions Bureau (FSIB) will conduct interviews on May 21 to recommend a candidate for the chairman’s post, with the final decision to be announced the same day.

According to reports, three managing directors of SBI – CS Setty, Ashwini Kumar Tewari, and Vinay M Tonse – are leading contenders for the role. Setty, with nearly 36 years of experience at SBI, is the senior-most among the candidates. Tewari, the youngest at 57, joined the bank as a probationary officer in 1991, while Tonse, the newest addition, became MD in November 2023 after joining as a probationary officer in 1988.

Whoever succeeds Khara will inherit a legacy of improved financial performance at SBI. Under Khara’s tenure, the bank reported a significant rise in profit, with a 23.98% increase in fourth-quarter profit to Rs 20,698 crore. Operating profit for FY24 grew by 12.05% year-on-year to Rs 93,797 crore, indicating a strong performance during his leadership.