Tamilnad Mercantile Bank MD quits days after ₹9,000 crore wrongly credited to cab driver's account

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₹9,000 crore to a Chennai cab driver. In a regulatory filing, TMB informed about a board meeting on Thursday during which the resignation of S Krishnan was accepted. TMB added that the bank has updated the Reserve Bank of India (RBI) about the resignation for their guidance and S Krishnan will continue as MD and CEO till the guidance or advice is received from the central bank.

“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, a Digital Transformation, Strengthening the systems and procedures to make it more robust, enhancing the skill set, strengthening the risk matrix, imbibing the compliance culture etc.," S Krishnan said in the resignation letter which was enclosed by TMB with the regulatory filing.

Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! "Though I still have about 2/3rd of term to go, due to personal reasons, I have decided to resign as Managing Director & CEO of the Bank. However, in as much as the Bank has only one whole time Director, I will seek the guidance of RBI in this regard," it added.

The resignation comes a week after the bank mistakenly credited ₹9,000 crore in the bank account of a Chennai cab driver. At first, the driver thought it was some scam, but then he attempted to transfer ₹21,000 to his friend, and to his surprise the transaction was successful. However, the bank debited the balance amount within minutes, a report by news platform India Today said."Exciting news! Mint is now on WhatsApp Channels