The Financial Services Institutions Bureau (FSIB), the agency responsible for selecting the heads of state-run banks, will likely interview three State Bank of India managing directors (MDs) on Saturday to choose one of them to lead the country’s largest lender as chairman, sources said.
The interview, which was earlier slated to be held on May 21, was postponed amidst general elections.
As per the convention, the chairman is appointed from a pool of serving managing directors of SBI. Based on FSIB recommendation, the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi takes a final call on the choice.
Managing directors C.S. Setty, Ashwini Kumar Tewari and Vinay M Tonse are said to be the contenders for the coveted post in SBI. Another MD Alok Kumar Choudhary is slated to retire on June 30.
According to extant law, the SBI chairman could hold office till the age of 63. That’s the treason, the government gave an extension last year to current SBI chairman Dinesh Khara till he turns 63 in August this year.
FSIB has suggested increasing their retirement age to 65. However, that would require amendments to both the SBI Act, which stipulates the superannuation of chairmen.