On Monday, the Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi, announced the appointment of Vinay Tonse, Deputy Managing Director, as one of the Managing Directors of the State Bank of India (SBI) until November 30, 2025, according to a report by CNBC TV18.
In September, the Financial Services Institutions Bureau (FSIB), responsible for appointing directors for state-owned banks and financial institutions, had recommended Vinay M Tonse for the position of Managing Director at SBI. The vacancy arose following the appointment of Swaminathan Janakiraman as Deputy Governor of the Reserve Bank.
The State Bank of India, the country’s largest lender, comprises four managing directors and one chairman.
Heading the FSIB is Bhanu Pratap Sharma, former secretary in the Department of Personnel and Training (DoPT). Other members of the headhunter include Animesh Chauhan, former chairman and MD of the erstwhile Oriental Bank of Commerce, Deepak Singhal, ex-executive director of RBI, and Shailendra Bhandari, former MD of the erstwhile ING Vysya Bank.