The Union Government has designated Vinay M Tonse as the Managing Director of the State Bank of India (SBI), the country’s largest commercial bank, with his term extending until November 30, 2025. Currently serving as the deputy MD of the state-owned bank, Tonse’s appointment was recommended by the Financial Services Institutions Bureau (FSIB) in September. The final decision, based on FSIB’s recommendation, was made by the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi.
SBI, with a market capitalization of approximately Rs 5,00,000 crore as of November 20, is a significant player in the Indian banking sector. In his role as deputy MD, Tonse oversaw the corporate accounts group (CAG), managing relationships with large corporate clients. Tonse originally joined SBI as a Probationary Officer (PO) in 1988 and has since accumulated over 30 years of experience, working in various locations in India and abroad. Throughout his career, Tonse has led significant assignments and projects for the bank.
The appointment of Tonse as Managing Director comes after the position fell vacant when Swaminathan Janakiraman assumed the role of Deputy Governor of the Reserve Bank of India (RBI). SBI operates with four managing directors and one chairman at its helm.