Vinay M. Tonse becomes Managing Director of SBI

Central Government has appointed Vinay M. Tonse as the Managing Director (MD) of the State Bank of India (SBI).

According to the reports, the tenure of the new managing director will be till November 30, 2025.

The Financial Services Institutions Bureau (FSIB) had said on September 4 that it has recommended the name of Vinay M. Tonse for the MD of State Bank.

FSIB had said in its statement, "13 candidates were interviewed in this regard and after considering their performance, experience and other parameters, the Bureau has recommended the appointment of Vinay M. Tonse to the post of Managing Director."

He got this post after Swaminathan Janakiraman was appointed as the Deputy Governor of the Reserve Bank of India (RBI). Tonse was currently working as Deputy Managing Director SBI. The country's largest bank has appointed four MDs and one chairman.

Recently, the country's largest public sector bank State Bank of India (SBI) had declared the results of the second quarter (July-September) of the financial year 2023-24. The bank's net profit in Q2FY24 increased by 8% year-on-year (YoY) to Rs 14,330 crore. It was Rs 13,265 crore in the same quarter last year.