Banking News

sbi: SBI appoints Tonse as fourth MD, reshuffles its top deck


State Bank of India (SBI) chairman Dinesh Kumar Khara has reshuffled the top management of the nation’s largest lender after the government notified the appointment of Vinay Tonse as the fourth managing director (MD) of the bank early Tuesday morning.

The new MD, Tonse, will be in charge of retail banking and operations (RB&O). Alok Choudhary, so far the MD of retail banking, will now look after risk, compliance and stressed assets resolution group (R, C & SARG), three people aware of the changes said.

“The changes were detailed in an internal office order by the chairman Tuesday and are effective immediately after the necessary handover formalities are completed latest by Wednesday,” said one of the three persons cited above.

Tonse was declared the sole candidate for the MD position by the Financial Services Institutions Bureau (FSIB) early September after 13 candidates were interviewed in August. The appointment was confirmed after receiving approval from the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi on Monday evening following which it was notified early Tuesday. Tonse will have a two-year term as MD.

The SBI MD position was vacant after Swaminathan Janakiraman was appointed the RBI deputy governor in June.

As SBI MD, Swaminathan was in charge of corporate banking and subsidiaries (CB & S), a portfolio now given to Ashwini Kumar Tewari, who was so far looking at risk, compliance and SARG.There is no change in the portfolio of the senior most MD CS Setty, who will continue to be in charge of international banking, global markets & technology (IB, GM & T).”The change in portfolios is the complete discretion of the chairman and will take immediate effect,” said the second person of the three people cited above.

Last month, the government extended chairman Dinesh Kumar Khara’s tenure until August next year and also gave MD Tewari a two-year extension effective from January 28, 2024.

Earlier, CS Setty’s term was also extended by two years effective January 20, 2023. Among the current MDs, Choudhary’s term comes to an end on June 30, 2024.


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