The Financial Services Institutions Bureau (FSIB) said that it conducted interviews with 13 candidates on August 30 and September 04 for the position of managing director of the State Bank of India (SBI). The FSIB, on September 04, recommended the name of Vinay M Tonse as managing director of SBI. “Financial Services Institutions Bureau interfaced with 13 candidates on Aug 30 and Sep 04, 2023 for the position of Managing Director (MD) in State Bank of India (SBI). Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Shri Vinay M Tonse for the position of MD in SBI,” it said in a statement.

Vinay M Tonse is currently serving as deputy managing director at SBI. The public sector bank has four MDs and one chairman.

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The post has been vacant ever since the appointment of Swaminathan Janakiraman as a deputy governor of the Reserve Bank of India for three years. Janakiraman had succeeded Mahesh Kumar Jain, whose tenure ended June 2023.

Additionally, the government is considering increasing the retirement age of the managing directors (MDs) and chief executive officers (CEOs) of public sector banks by two years. According to reports, the retirement age of the SBI chairman could also increase from 63 to 65. This will favour the current SBI chairman Dinesh Khara who will turn 63 next year. 

The retirement age of the heads of public sector banks, except for SBI, is 60 years, which could be increased to 62. The retirement age of LIC chairman might also increase to 65.