Tamil Nadu: Tamilnad Mercantile Bank (TMB) Managing Director and CEO S Krishnan has resigned from the position citing "personal reasons". Krishnan's resignation has come days after a TMB account holder, who is an auto-driver, was wrongly credited Rs 9,000 crore.
S Krishnan was appointed as Tamilnad Mercantile Bank MD and CEO in September 2022.
The Board of Directors of the Bank in their meeting on Thursday accepted Krishnan's resignation from the position of Managing Director & CEO of the Bank and forwarded the same to RBI for their guidance / advice.
However, S Krishnan will continue to be the MD & CEO, till the guidance / advice received from RBI, which shall be intimated in due course of time.
"It has been about thirteen months since I joined this Bank. In these times, we have taken various measures to fortify the Bank and make it future ready. These include Business Process Engineering, a Digital Transformation, Strengthening the systems and procedures to make it more robust, enhancing the skill set, strengthening the risk matrix, imbibing the compliance culture etc", Krishnan said in his resignation letter.
"With these various measures taken, I am sure that the Bank will reap the fruit sooner than later. Though I still have about 2/3rd of term to go, due to personal reasons, I have decided to resign as Managing Director & CEO of the Bank. However, in as much as the Bank has only one whole time Director, I will seek the guidance of RBI in this regard,” he said.
With inputs from IANS