Mumbai: The Indian government is reportedly considering raising the retirement age of managing directors (MDs) and CEOs by two years to ensure the continuity of experienced leadership. This would mean the retirement age limit for managerial directors of public sector bank could increase from 60 to 62.
This move could also increase the retirement age of the chairman of State Bank of India (SBI) from 63 to 65, a move that will benefit the current chairman of SBI, Dinesh Khare, who is set to turn 63 next year in August.
However, Khare, whose three-year term ends in October, is yet to get a confirmation for the same. The veteran banker took over as the chairman of SBI for three years in October 2020.
“There is a discussion to increase the age limit for retirement of chiefs of PSBs and Life Insurance Corp (LIC). Simultaneously, discussions are on for raising the superannuation age for managing directors of PSBs to 62 years from 60 years,” an official said.
A final decision is yet to be taken on the retirement age of PSUs and LIC. The current retirement age of an LIC Chairman is 62 years.
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