 "Tamilnad Mercantile Bank, TMB")
The Tuticorin-based Tamilnad Mercantile Bank (TMB)'s managing director and chief executive officer, Krishnan Sankarasubramaniam, has resigned from the post, citing personal reasons.
This comes within thirteen months since he was appointed on September 4 last year. "Though I still have about two-thirds of my term to go, due to personal reasons, I have decided to resign as managing director and CEO of the Bank. However, in as much as the bank has only one whole-time director, I will seek the guidance of the Reserve Bank of India (RBI) in this regard," Krishnan said in his resignation letter.
Krishnan also served as the managing director and CEO of Punjab and Sind Bank from September 4, 2020, to May 31, 2022. Krishnan was also the executive director of Canara Bank from April 1, 2020, to September 3, 2020, before joining Punjab and Sind Bank. Before Canara Bank, he served as the executive director of Syndicate Bank between November 1, 2017, and March 31, 2020.
The board of directors has accepted the resignation of Krishnan in their meeting held on Thursday. However, he shall continue to be the managing director and CEO, until guidance is received from RBI, which shall be intimated in due course of time, the bank said in a stock exchange filing.
Interestingly, last week, TMB by mistake transferred Rs 9,000 crore to the bank account of a Chennai cab driver. The transaction was reversed immediately.
