South Indian Bank on Wednesday said the RBI has approved the appointment of Mahesh Muralidhar Pai as Managing Director and CEO of the lender for 3 years, effective October 1.In a regulatory filing, the Kerala-based private sector lender said the appointment of Pai as MD and CEO will be placed before the Board in the meeting on July 16, and shareholders' approval will be obtained thereafter."The Reserve Bank of India vide its letter dated July 7, 2026, has conveyed their approval for the appointment of Mahesh Muralidhar Pai as Managing Director and CEO of the Bank for a period of three years with effect from October 1, 2026," South Indian Bank said.Shares of South Indian Bank tanked 9.86 per cent to the day's low of Rs 43.02 on BSE. The scrip later recovered some ground and was quoting 7.58 per cent down at Rs 44.11 in post-noon trade.
South Indian Bank says RBI approves Mahesh Muralidhar Pai's appointment as MD, CEO
The Reserve Bank of India has approved Mahesh Muralidhar Pai's appointment as Managing Director and CEO. This appointment is for a three-year term, commencing on October 1, 2026. The bank's board will consider this approval at their upcoming July 16 meeting. Shareholders will then provide their necessary approval for the appointment. South Indian Bank shares experienced a significant decline following this announcement.
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