The Reserve Bank of India (RBI) has approved the appointment of Mahesh Muralidhar Pai as Managing Director & CEO of South Indian Bank (SIB) for three years with effect from October 1, 2026.The Thrissur (Kerala)–headquartered private sector bank, in a regulatory filing, said an agenda for Pai’s appointment as its Managing Director & CEO Bank will be placed at the Board meeting scheduled to be held on July 16, 2026.The approval of the shareholders shall be obtained thereafter in this regard as per the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations, it added.P R Seshadri, the present Managing Director and Chief Executive Officer, has been at the helm at SIB since October 1, 2023.Pai has close to three decades of experience across governance, strategy, treasury, foreign exchange, retail, agriculture and MSME credit, according to the filing.The 50-year-old Pai is currently serving as Chief General Manager at Canara Bank, spearheading digital banking and innovation. He has handled multiple strategic initiatives of the bank including setting up of a gold loan vertical. He has also headed one of the largest zones of Canara Bank.Pai’s professional experience includes a stint at Canara Bank’s New York office. Amongst other positions, he has served as Director in Canara Bank Tanazania Ltd, and represented the bank in the Fixed Income Money Market and Derivatives Association of India (FIMMDA), Swift India Domestic Services Private Ltd and Secondary Loan Market Association. He is also currently a Director in the Karnataka State Financial Corporation and Canara Bank Securities Ltd.Published on July 8, 2026