The government of India appointed Vinay M. Tonse as the managing director (MD) of India’s largest commercial bank, State Bank of India (SBI), on November 20 2023. Vinay M. Tonse was the deputy managing director of the SBI.
Vinay Tonse will remain as MD in the bank till November 2025.
In September, the Financial Services Institutions Bureau (FSIB) recommended Vinay M. Tonse name for the managing director of SBI.
Vinay M. Tonse replaced Swaminathan Janakiraman, who was appointed as the Deputy Governor of the Reserve Bank of India.
SBI has one chairman and four managing directors.
The current Chairman of the SBI is Dinesh Kumar Khara.
C.S.Setty, Ashwini Kumar Tewari, and Alok Kumar Choudhary are the other MDs of SBI.
Financial Services Institutions Bureau (FSIB)
The Financial Services Institutions Bureau (FSIB) was set up by the government of India on July 1 2022. It has replaced the Bank Board Bureau, which was set up on April 1 2016.
Function of the FSIB:
It is a recommendatory body which recommends to the government of India:
- Persons for appointment as whole-time directors and non-executive chairpersons of the boards of Public Sector Banks, Public Sector Financial institutions, and Public Sector Insurance Companies.
- To advise the government on matters relating to transfer, appointments, extension of services or termination of these directors
- To advise the government on the management structure at the board levels of these financial institutions
- To build a database regarding the performance of these financial institutions
- To advise the government on suitable performance appraisals of the all-time directors and non-executive chairpersons of these financial institutions.
- To devise a code of conduct for these whole-time directors
- To advise the government on a suitable training and development programme for managing these financial institutions.
Chairman : Bhanu Pratap Sharma
State Bank of India
- Its origin is traced to the setting up of the Bank of Calcutta in 1806, which was later renamed Bank of Bengal in 1809. In 1840 the Bank of Bombay was set up, and the Bank of Madras was set up in 1843.
- In 1921, the Imperial Bank of India was created by merging all three presidency banks.
- The government of India decided to nationalise the Imperial Bank following the recommendation of the 1951 All India Rural Credit Survey Committee (Gorwala Committee). The Parliament passed the State Bank of India Act of 1955 and changed the name of the Imperial Bank of India into the State Bank of India. The majority shares in the bank were transferred to the Reserve Bank of India(RBI).
- In 2007, RBI transferred its entire share in SBI to the government of India. The government of India holds a 56.7% stake in SBI.
- SBI is India’s largest commercial and Public Sector bank.
- It has over 22,477 branches and 76089 Banking Correspondent outlets.
- It has 237 offices/branches in 29 foreign countries. Amongst all the Indian banks, SBI has the largest number of branches/offices outside India.
- Union Finance Minister Nirmala Sitharaman inaugurates two SBI branches in Trincomalee Branch, Sri Lanka.
Chairman of SBI: Dinesh Kumar Khara
Tagline: The banker to every Indian