New Delhi: The Financial Services Institutions Bureau (FSIB), an independent government body, will hold interviews on May 21 to choose a new chairman for State Bank of India (SBI). Dinesh Khara, the current chairman, is retiring on August 28, and his successor will be announced on the same day as the interviews.
According to the Hello Entrepreneurs sources, the leading candidates are three managing directors at SBI: CS Setty, Ashwini Kumar Tewari, and Vinay M Tonse. The fourth managing director, Alok Kumar Choudhury, will retire at the end of June. The FSIB is in charge of appointing senior executives to public sector financial institutions.
Setty is the most experienced among the candidates, having been with SBI for nearly 36 years. Tewari, 57, is the youngest and joined the bank as a probationary officer in 1991. Tonse, the newest managing director since November 2023, joined SBI as a probationary officer in 1988.
The new chairman will have big shoes to fill, following Dinesh Khara’s successful leadership. During Khara’s time, SBI’s financial performance improved significantly, with the share price rising from around Rs 250 to Rs 820 per share.
In the fourth quarter of FY24, SBI reported a profit increase of 23.98%, reaching Rs 20,698 crore, compared to Rs 16,695 crore the previous year. The bank’s interest earned grew by 19.46% to Rs 1.11 lakh crore. Additionally, SBI’s operating profit for FY24 increased by 12.05% year-on-year to Rs 93,797 crore, with a 16.76% year-on-year growth in operating profit for the fourth quarter, reaching Rs 28,748 crore.
