Vinay M. Tonse appointed as MD of SBI till Nov 30, 2025 by Govt

21 Nov 2023 , 09:01 AM

Vinay M. Tonse was named Managing Director of the State Bank of India by the Government of India till November 30, 2025.

Tonse, who now works as the deputy MD of the state-owned bank, was suggested for the position by the Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions.

The Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, made the ultimate judgement on the FSIB proposal.

After the appointment of Swaminathan Janakiraman as Deputy Governor of the Reserve Bank in June, the position became vacant. Tonse oversaw the corporate accounts group (CAG), which serves major corporate customers, as a deputy MD.

The MD position at SBI is prominent due to the nation’s largest lender’s sheer size and magnitude. Each of its MDs is in charge of business and operations that dwarf those of other Indian banks.

Swaminathan was the MD corporate banking and subsidiaries of SBI, in charge of the bank’s significant corporate and commercial credit activities, as well as subsidiaries.

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