Tamilnad Mercantile Bank’s Managing Director and CEO, S Krishnan, have submitted his resignation citing personal reasons, coming in the wake of recent challenges faced by the bank. The resignation follows a recent incident where a TMB account holder received an erroneous credit of Rs 9,000 crore. Krishnan, who has been in the position for 13 months, highlighted various strategic initiatives during his tenure, including digital transformation and strengthening compliance protocols. The bank’s Board of Directors has accepted the resignation and forwarded it to the Reserve Bank of India (RBI) for necessary approvals. Krishnan will continue in his role until further guidance is received from the RBI. The development comes amid efforts to address and rectify the recent operational lapse.
Tamilnad Mercantile Bank’s CEO S Krishnan Resigns, Cites Personal Reasons
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