Vinay M Tonse is set to become the managing director of the State Bank of India (SBI).

The Financial Services Institutions Bureau (FSIB), which is the headhunter for directors of state-owned banks and financial institutions, on Monday recommended Tonse’s name for the post of MD of SBI. 

The post has fallen vacant after Swaminathan Janakiraman was appointed as RBI deputy governor.

Tonse is currently serving as deputy managing director at SBI.

The country's largest lender has four managing directors and one chairman.

Declaring the result of the selection process, the FSIB in a statement said the bureau interviewed 13 candidates on 30 August and 4 September.

"Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Vinay M Tonse for the position of MD in SBI," it said.

The final decision on the FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

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

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