He joined the bank in 1988 and will now lead it as Managing Director till November 30, 2025.
The Union Government has appointed Vinay M Tonse as the Managing Director of the State Bank of India (SBI). He will appointed to the top post of India's largest commercial bank until November 30, 2025. He is currently serving as the deputy MD of the state-owned bank.
Earlier in September this year, the Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions recommended Tonse for the said post. The final decision on the FSIB recommendation was taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. The country's largest lender SBI has a market capitalisation of around Rs Rs 5,00,000 crore as of November 20.
As a deputy MD, Tonse looked after the corporate accounts group (CAG), which banks large corporate clients. Tonse joined SBI as a Probationary Officer (PO) in 1988. Since then, he has worked at different locations in India, as well as abroad. In his career of more than 30 years, Tonse has led major assignments and projects of the bank.
The top post of the bank fell vacant after Swaminathan Janakiraman was appointed as the Deputy Governor of the Reserve Bank of India (RBI). SBI is operated by four managing directors and one chairman.