FSIB recommends Vinay Tonse for MD position in State Bank of India

The Financial Services Institutions Bureau (FSIB) has recommended Vinay Tonse’s name for the position of managing director (MD) in State Bank of India (SBI). At present, Tonse is working as deputy managing director with the Corporate Accounts Group at the country’s largest lender.

One MD post fell vacant after Swaminathan Janakiraman, then MD at the bank, was appointed as deputy governor at the Reserve Bank of India in June 2023.

The bureau interfaced with 13 candidates on August 30, 2023, and September 4, 2023. Keeping in view their performance in the interface, their overall experience, and the extant parameters, the bureau recommended Vinay Tonse for the position of MD in SBI, FSIB said in a statement.

The final decision about the appointment will be taken by the government of India. Prior to moving to SBI’s headquarters, Tonse, a career banker, was managing director and chief executive of SBI Mutual Fund.

At present, SBI has three managing directors: Challa Sreenivasulu Setty (International Banking, Global Markets & Technology), Ashwini Kumar Tewari (Risk, Compliance & Stressed Assets) and Alok Kumar Choudhary (Retail Business & Operations).