Earlier in September, the Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions recommended Tonse for the said post, who currently serves as the deputy MD of the state-owned bank.
The final decision on the FSIB recommendation has been taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.
The post fell vacant in June after the appointment of Swaminathan Janakiraman as Deputy Governor of the Reserve Bank.
As a deputy MD, Tonse looked after corporate accounts group (CAG), which banks large corporate clients.
The MD post in SBI is prestigious because of the sheer size and scale of the nation’s largest lender. Each of its MDs handles business and operations that dwarf most banks in India.RBI deputy governor Swaminathan was MD corporate banking and subsidiaries in charge of SBI’s large corporate and commercial credit businesses, as well as subsidiaries of the bank.