CHENNAI: Tamilnad Mercantile Bank managing director and CEO S Krishnan on Thursday tendered his resignation citing personal reasons. The resignation comes a week after an accountholder of TMB was wrongly credited Rs 9,000 crore.
The Board of Directors of the bank in a meeting held on Thursday has accepted Krishnan’s resignation and forwarded the same to RBI for their guidance and advice. Krishnan will continue to be the MD & CEO till the guidance /advice received from RBI.
In his resignation letter addressed to the board, Krishnan said though he still has about 2/3rd of term to go, due to personal reasons, he has decided to resign as MD & CEO of the bank. “However, in as much as the bank has only one whole-time director, I will seek the guidance of RBI in this regard,” reads his resignation letter.
Krishnan has claimed during his 13-month tenure as the MD and CEO, the bank took various measures to fortify it and make it future ready. “These include business process engineering, a digital transformation, strengthening the systems and procedures to make it more robust, enhancing the skill set, strengthening the risk matrix, imbibing the compliance culture etc,” he said.