RBI clears Mahesh Muralidhar Pai's appointment as South Indian Bank MD, CEO

Mahesh Muralidhar Pai will take charge as managing director and CEO from October 1 for a three-year term, subject to board and shareholder approvals

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 ₹43.02 on BSE. The scrip later recovered some ground and was quoting 7.58 per cent down at ₹44.11 in post-noon trade.