India Contemplates Extending Retirement Age for State-Owned Bank Executives

India is considering raising the retirement age for chairmen and managing directors of state-owned banks, with a proposal to increase the age limit for the chairman of State Bank of India (SBI) to 65 years from 63 years, and for managing directors of other state-owned banks to 62 years from 60. The current age limit for state-run bank chiefs is lower than their private sector counterparts, leading to a lack of continuity in strategy. The government is also planning to give a 10-month extension to the present SBI Chairman, Dinesh Khara, who is set to retire in October.