RBI approves PR Seshadri as next MD & CEO of South Indian Bank

South Indian Bank on July 20 reported a near doubling of its net profit to Rs 202.3 crore for the April-June FY24 quarter.

The Reserve Bank of India (RBI) on August 17 approved the appointment of PR Seshadri as MD & CEO of South Indian Bank, with effect from October 1.

According to a notification to stock exchanges, the bank said Seshadri will serve for a period of three years.

Seshadri has served, amongst other positions, as Managing Director & CEO of The Karur Vysya Bank Limited (KVB), Managing Director & Regional Sales and Distribution Head, Citibank N.A., Asia Pacific, Singapore, Managing Director & Regional Head of Lending, Businesses, Citibank N.A., Asia Pacific, Singapore, Managing Director CitiFinancial Consumer Finance India Limited (CCFIL), India, Marketing Director, Citibank N.A, India Branches, Head of Structured Finance & Managing Director, CFRSIL & Integration Manager - Associates India Limited, Head of Banking Collections, Citibank N.A, India, Head of Automobile Finance -Northern India, Head of Community Banking, Northern India, and Mortgage Business, Head – Southern India, Citi India.

He is currently mentoring businesses both at an operating level as well as at the board level at various companies. He holds a Bachelor’s degree in Electrical Engineering from the Delhi College of Engineering and a Post Graduate Diploma in Management from the Indian Institute of Management, Bangalore.

On July 24, outgoing MD & CEO Murali Ramakrishnan told Moneycontrol in an exclusive interview that the name of the new managing director and chief executive officer will come out by August 2023.

“By August 2023, we’re expecting the Reserve Bank of India (RBI) to give its clearance,” said Ramakrishnan.

South Indian Bank reported a net profit of Rs 202.3 crore for the April-June FY24 quarter on July 20, compared to Rs 115 crore in the corresponding quarter last year.

The private sector lender's gross non-performing asset (GNPA) stood at 5.13 percent, down from 5.14 percent recorded in the same quarter last year. Whereas, the net NPA (NNPA) of the lender for the quarter stood at 1.85 percent, declining from 1.86 percent on a year-on-year basis.