Tamilnad Mercantile Bank’s MD Resigns After ₹9,000 Crore Mistakenly Credited to a Cab Driver’s Account

Tamilnad Mercantile Bank’s Managing Director and CEO, S. Krishnan, resigned on Thursday due to personal reasons. This comes a week after the bank mistakenly transferred ₹9,000 crore to a Chennai cab driver. TMB announced in a regulatory filing that Krishnan’s resignation was accepted during a board meeting held on Thursday. TMB also mentioned that they’ve informed the Reserve Bank of India (RBI) about the CEO’s resignation and S Krishnan will remain as MD and CEO until they receive guidance or advice from the central bank.

S Krishnan in his resignation letter mentioned that “It has been about thirteen months since I joined this Bank. In these times, we have taken various measures to fortify the Bank and make it future-ready. These include Business Process Engineering, Digital Transformation, Strengthening the systems and procedures to make them more robust, enhancing the skill set, strengthening the risk matrix, imbibing the compliance culture, etc.”