State Bank of India shares in focus on report of Vinay Tonse appointment as MD

Shares of State Bank of India Ltd (SBI) will be in focus on Tuesday morning amid a media report suggesting the Prime Minister Narendra Modi-led Appointments Committee of the Cabinet has appointed Vinay Tonse as one of State Bank of India's managing directors till November 30, 2025. Tonse is deputy managing director at the largest state-run bank.

In September, the Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions recommended Vinay M Tonse for the post of SBI MD.

"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 on September 4.

There was no filing regarding the same on stock exchanges or Financial Services Institutions Bureau's web portal. The post, as per a CNBC TV18 report, was vacant since the appointment of Swaminathan Janakiraman as Deputy Governor of the Reserve Bank. The country's largest state-un bank has four managing directors and one chairman.

The PSU bank stock has fallen 7.93 per cent this calendar against a 0.88 per cent rise in the banking benchmark during the same period.

FSIB is headed by Bhanu Pratap Sharma, former secretary in the Department of Personnel and Training (DoPT).

Former chairman and MD of erstwhile Oriental Bank of Commerce Animesh Chauhan, RBI's ex-executive director Deepak Singhal, and former MD of erstwhile ING Vysya Bank Shailendra Bhandari are other members of the headhunter.

Also read: Stock recommendations for November 21, 2023: Voltas, Airtel, Aptech and GHCL
 

Also read: KPIT Tech, Wipro, Coal India: Trading strategies for these buzzing stocks