Former SEBI Director S. Ravindran Appointed Chairman of TMB

The Reserve Bank (RBI) has appointed S. Ravindran, an Independent Director at Tamilnad Mercantile Bank Limited (TMB), as the part-time chairman of the bank. He has been given a term from February 29, 2024, to August 2, 2026.

Currently, Ravindran holds independent director posts in NSE, LTIDPL Indvit Services, Shriram Finance, and Bandhan AMC, according to the bank’s regulatory filing. Before taking on the part-time chairman role, Ravindran needs to resign from his positions in Shriram Finance and Bandhan AMC, as directed by the regulator.

The non-executive part-time chairman position at TMB became vacant after S. Annamalai’s departure on February 2, 2020. On August 20, 2022, TMB recommended B. Vijayadurai for the chairman role, but the RBI rejected the proposal on September 19, 2022, instructing the bank to submit a new proposal.