RBI approves a Committee of Executives (CoE) in Tamilnad Mercantile Bank as an interim arrangement

economictimes.indiatimes.com:

Reserve Bank of India has approved the appointment of a Committee of Executives (CoE) in Tamilnad Mercantile Bank as an interim arrangement to oversee its operations and administration in the absence of a regular managing director.

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Current head of the bank S Krishnan resigned from his position in September last year but continued till date on RBI's guidance. However, he has now desired «to get relieved from the position of MD and CEO for better prospects,» the bank said in a note to stock exchanges.

Based on his request, the bank board sought RBI's permission for a CoE.

The interim arrangement will be in place till the new MD & CEO assumes charge or for a period of three months from the date of relieving Krishnan, whichever is earlier, the bank said.

The CoE would comprise three general managers — S Narayanan, D Ramesh, and PR Ashok Kumar.

The bank said it is in the process of selecting suitable candidates for the top post. However, it is not clear as to why the bank could not select Krishnan's successor even after eight long months of his resignation.

RBI had in October last year directed Krishnan to continue till his successor resumes office. He on September 28, 2023 conveyed his decision to resign from the post and sought the apex bank's guidance since the TMB had only one whole time director.