The Government of India has announced Vinay M. Tonse as the Managing Director of the State Bank of India (SBI) until November 30, 2025 from the day he assumes office. This decision follows a recommendation by the Financial Services Institutions Bureau (FSIB), which is the organisation responsible for selecting directors for state-owned banks and financial institutions.
The notification read, “The Central Government, hereby appoints Shri 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.”
Vinay Tonse began his journey the State Bank of India (SBI) in 1988 when he joined as a Probationary Officer. Over the course of more than 3 decades, Tonse’s has led various major projects and assignments and during his tenure he has also led many roles in India and in locations abroad.
Before his recent appointment as the Managing Director, Vinay M. Tonse was the Deputy Managing Director at the State Bank of India (SBI). The final approval for Tonse’s promotion came from the Appointments Committee of the Cabinet, which was being chaired by Prime Minister Narendra Modi.
The vacancy in the Managing Director position came when Swaminathan Janakiraman was appointed as the Deputy Governor of the Reserve Bank of India, by the Government of India on June 20, 2023. Janakiraman had served as a managing director at the State Bank of India for 34-year before being promoted as the Deputy Governor of RBI.