CEO Of Tamilnad Mercantile Bank Resigns Citing Personal Reasons

New Delhi

S. Krishnan, the Managing Director and CEO of Tamilnad Mercantile Bank, has tendered his resignation, citing personal reasons. The bank's Board of Directors, in a meeting held on Thursday, accepted Krishnan's resignation and forwarded it to the Reserve Bank of India (RBI) for guidance and advice. Krishnan will continue to serve as the MD & CEO until the RBI provides its guidance and advice, which will be communicated in due course. In his resignation letter, Krishnan mentioned that during his thirteen months at the bank, various measures had been taken to strengthen and prepare the institution for the future. These measures included business process engineering, digital transformation, system and procedure enhancements, skill development, risk matrix strengthening, and fostering a culture of compliance. Krishnan expressed confidence that the bank would soon reap the benefits of these initiatives. However, due to personal reasons, he decided to resign from his position as Managing Director & CEO. He also stated that, given that the bank has only one whole-time director, he would seek the guidance of the RBI in this matter.