The Modi government is contemplating the possibility of extending the retirement age for top positions within public sector banks (PSBs) and the Life Insurance Corporation (LIC).
Reports indicate that Dinesh Khara, Chairman of the State Bank of India (SBI), might receive an extension. Having assumed the role in October 2020 for a three-year term, Khara’s tenure aligns with the SBI Chairman’s customary service span, which extends until the age of 63. Khara will reach this age milestone in August of the upcoming year.
Currently set at 60 years, the retirement age for chiefs of PSBs is reportedly under consideration for an increase to 62 years, sources suggest.
Similarly, there exists a proposal to elevate the retirement age of the LIC Chairman from the current 62 years to 65 years.
