The central government on Monday appointed Vinay M Tonse as the Managing Director of the State Bank of India till November 30, 2025, reported CNBC.
Before the appointment, Tonse was serving as the Deputy Managing Director at the PSU bank. The Deputy Manager of the state-owned bank was recommended by the Financial Services Institutions Bureau (FSIB) for the senior post at SBI in September.
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FSIB is responsible for recommending directors of state-owned banks and financial institutions. The post fell vacant after Swaminathan Janakiraman was appointed as the Deputy Governor of the Reserve Bank of India. The State Bank of India is operated by four managing directors and one chairman.
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About Vinay Tonse
He joined the State Bank of India as a Probationary Officer in 1988. Throughout his tenure, Tonse has worked at different locations in India, as well as abroad. In his career spanning more than 30 years, Tonse has led major assignments and projects of the State Bank of India. His career involves experience in different facets of commercial banking like corporate credit, treasury, retail, and international banking.
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Prior to his appointment, FSIB had interviewed 13 candidates in August for SBI’s top post.
“Keeping in view their performance in the interface, their overall experience, and the extant parameters, the Bureau recommends Vinay M Tonse for the position of MD in SBI,” said FSIB.
The appointment was confirmed after receiving approval from the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by Bhanu Pratap Sharma, former secretary in the Department of Personnel and Training (DoPT).
Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile Oriental Bank of Commerce, RBI’s ex-executive director Deepak Singhal, and Shailendra Bhandari, former MD of erstwhile ING Vysya Bank.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.