Vinay M. Tonse Appointed Managing Director of SBI Until 2025 by Indian Government

21 Nov 2023 , 01:08 PM

Vinay M. Tonse appointed as the Managing Director of State Bank of India (SBI) until November 30, 2025. The Financial Services Institutions Bureau (FSIB) recommended Tonse for the position in September; he was serving as the deputy MD of SBI.

The Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, made the final decision on the FSIB recommendation. The MD position became vacant in June after Swaminathan Janakiraman’s appointment as Deputy Governor of the Reserve Bank.

Tonse, in his role as deputy MD, oversaw the corporate accounts group (CAG), handling large corporate clients. The SBI MD role is significant due to the bank’s size and scale, with each MD managing operations that surpass many other banks in India.

Former RBI deputy governor Swaminathan, who held the MD corporate banking and subsidiaries position, was in charge of SBI’s large corporate and commercial credit businesses, as well as its subsidiaries.

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