The central government on Tuesday (20.11.2023) appointed Vinay M Tonse as the Managing Director (MD) of the State Bank of India (SBI). His appointment is effective from the date he assumes office and will continue until his superannuation on November 30, 2025, or until further orders, whichever occurs earlier. Currently serving as the Deputy Managing Director of the bank, Tonse’s promotion to the senior post at SBI was recommended by the Financial Services Institutions Bureau (FSIB) in September.
“The Central Government appoints Vinay M Tonse, Deputy Managing Director (DMD), State Bank of India (SBI) as Managing Director (MD) in SBI with effect from the date of assumption of office and up to the date of his superannuation (i.e. 30.11.2025), or until further orders, whichever is earlier.” SBI said in a regulatory filing to the stock exchange on Tuesday.
The vacancy for the MD position at SBI arose in June following the appointment of Swaminathan Janakiraman as the Deputy Governor of the Reserve Bank. It’s noteworthy that the State Bank of India is managed by four managing directors and one chairman.