Govt considers raising retirement age for PSU bank chiefs by 2 years

The government is considering increasing the retirement age of the managing directors (MDs) and chief executive officers (CEOs) of public sector banks by two years, people familiar with the development said.

The retirement age of the State Bank of Bank India chairman could also increase to 65 from 63, said one of the persons.

The move will favour the current SBI chairman Dinesh Khara, who will assume the age of 63 next year. Khara is yet to get an extension, as his three-year term ends in October.


The retirement age of the heads of public sector banks, except for SBI, is 60 years, at present, which could be increased to 62, according to an official aware of the matter. The age of LIC chairman will also increase to 65.

The government last year increased the maximum term for MD and CEO to 10 years from five years. The rule also applied to full-time directors at public sector banks.