The Reserve Bank of India (RBI) on Friday said the names of the candidate proposed by Tamilnad Mercantile Bank Limited (TMB) for the appointment of its Managing Director (MD) and Chief Executive Officer (CEO) were not suitable.
In a regulatory filing, the RBI said TMB had to submit a fresh panel of candidates with suitable experience, in accordance with the RBI circular dated March 31, 2020. The private sector lender said the present MD and CEO, S. Krishnan, tendered his resignation on September 28, 2023, citing personal reasons. Mr. Krishnan will continue till the bank gets guidance or advice from the RBI. In November 2023, TMB proposed the names of a few candidates.
