Vinay Tonse, the deputy managing director, was named by the Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi, on Monday. Tonse will serve as a managing director of the State Bank of India until November 30, 2025, according to CNBC TV18.
Vinay M. Tonse was suggested for the position of SBI MD in September by the Financial Services Institutions Bureau (FSIB), which acts as a headhunter for directors of state-owned banks and financial institutions. Following Swaminathan Janakiraman’s appointment as Reserve Bank Deputy Governor, the position became vacant.
There is one chairman and four managing directors at the biggest lender in the nation.
Bhanu Pratap Sharma, a former secretary in the Department of Personnel and Training (DoPT), is in charge of the FSIB.
The headhunter also includes Shailendra Bhandari, the former MD of the former ING Vysya Bank, Deepak Singhal, the former executive director of the RBI, and Animesh Chauhan, the former chairman and MD of the former Oriental Bank of Commerce.