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S. Krishnan: Resigned as MD of Bank after Rs 9,000 Crore Mistaken Transfer to Cab Driver’s Account

BusinessS. Krishnan: Resigned as MD of Bank after Rs 9,000 Crore Mistaken Transfer to Cab Driver's Account

S. Krishnan, the Managing Director and CEO of Tamil Nadu Mercantile Bank, has made headlines with his recent resignation from the bank. This decision comes in the aftermath of a major controversy where the bank mistakenly transferred Rs 9,000 crore to a cab driver’s account. Krishnan, despite having a substantial portion of his tenure ahead, cited personal reasons for stepping down from his role.

Tamilnad Mercantile Bank promptly informed the market regulator about Krishnan’s resignation, and the bank’s Board of Directors officially accepted it during a meeting held on September 28. The Reserve Bank of India has also been duly notified of this leadership change. Krishnan initially assumed the role in September 2022 and will continue to serve until further directives are received from the Reserve Bank.

Krishnan’s leadership journey in the banking sector has been noteworthy. Prior to joining Tamilnadu Mercantile Bank, he served as the MD & CEO of Punjab & Sind Bank from September 4, 2020, to May 31, 2022. During his tenure, the bank witnessed significant transformations in various aspects, including digitalization, risk management, business development, and human resources, ultimately leading to the bank achieving its highest-ever profit in the fiscal year 2021-22.

Before his role at Punjab & Sind Bank, Krishnan held the position of Executive Director at Canara Bank from April 1, 2020, to September 3, 2020, after which he assumed leadership at Punjab & Sind Bank. His illustrious banking career commenced in January 1983 at Indian Bank, where he undertook various pivotal roles and gained expertise in critical areas such as risk management and information systems security. Krishnan also served as the Executive Secretary to the Board of Indian Bank and holds the distinction of being a Certified Associate of the Indian Institute of Bankers (CAIIB).

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