S Krishnan, the MD and CEO of Tamilnad Mercantile Bank (TMB), submitted his letter of resignation on Thursday. The change occurs a week after a Chennai taxi driver who had a TMB account was incorrectly credited with Rs 9,000 crore.
Although he still had roughly two-thirds of his time left, Krishnan stated “personal reasons” for his departure. In his letter of resignation, Krishnan stated that he had “decided to resign as Managing Director and CEO of the Bank due to personal reasons,” even though he still had nearly two-thirds of his tenure remaining.
Krishnan was appointed MD and CEO of TMB in September of last year.
The Board of Directors of the Bank accepted S Krishnan’s resignation at their meeting on September 28, 2023, according to the regulatory filing, and they referred it to the Reserve Bank of India (RBI) for consideration.
S Krishnan will remain the Bank’s MD and CEO until the direction is received.
The action follows a few days ago when a Chennai cab driver with a Tamil Nadu Mercantile Bank account received an incorrect credit of Rs. 9,000 crore. The cab driver reportedly received a notification saying that Rs 9,000 crore had been credited to his account. At first, Rajkumar thought it was a scam.
He attempted to send Rs 21,000 to his friend to confirm the legitimacy, and it was successful. Only then did he realize that the Bank had actually sent the money to his bank account.
However, the Bank charged the remaining sum after 30 minutes.