TMB seeks fresh applications for MD & CEO after RBI rejection of earlier candidates

Tamilnad Mercantile Bank

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26 Aug, 2025 12:21

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Thoothukudi-based Tamilnad Mercantile Bank (TMB) has sought fresh applications from candidates for the post of managing director and chief executive officer (MD & CEO) after the Reserve Bank of India (RBI) last month rejected an earlier list of candidates proposed by the bank.

According to a newspaper advertisement, the bank has invited applications for the post of MD & CEO on a contract basis for a period of three years. The applications have to be submitted by May 24, 2024. The posting of the candidate will be at the bank’s head office at Tamil Nadu, advertisement said.

According to the advertisement, the applicant should not be less than 45 years and more than 62 years as on March 31, 2024, and must be graduate or post graduate from a recognised university, as per the advertisement. Further, the candidate should have overall experience of at least 25 years in different verticals or domains in banking or financial services in India.

“Relevant experience in the area of credit or risk management or regulations or supervision will be desirable,” bank said.

On April 12, the RBI had rejected the list of candidates sent by TMB, saying the candidates are not found suitable for the post. Also, the central bank asked the bank to submit a fresh list of candidates with suitable experience.

In September 29, 2023, S. Krishnan had resigned from the post of MD & CEO days after the bank mistakenly credited Rs 9,000 crore to a cab driver in Chennai. After this, the bank’s board on November 22, 2023, has finalized the names of three candidates for the position.

"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 the 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 time Director, I will seek the guidance of RBI in this regard," Krishnan said in his resignation letter to the board of the bank.