Days after the bank inadvertently credited Rs 9,000 crore to a cab driver in Chennai, S Krishnan, the managing director and CEO of the Tamilnad Mercantile Bank (TMB), resigned from his position. Krishnan stated in his resignation letter that he made the decision to leave for “personal reasons”.
A brief about days after giving a cab driver a credit for Rs 9000 crore, Tamilnad Mercantile Bank’s CEO resigns
Krishnan’s resignation letter states, “Though I still have about 2/3 of a term to go, for personal reasons, I have decided to resign as Managing Director & CEO of the Bank.”
Beginning in September 2022, Krishnan served as the bank’s president.
In a meeting on Thursday, the board of directors of the bank with headquarters in Thoothukudi accepted his resignation and transmitted it to the Reserve Bank of India (RBI).
According to a statement from the bank, “S Krishnan, shall continue to be the MD and CEO, until the guidance/advice received from RBI, which shall be intimated in due course of time.”
This occurrence occurs a week after a taxi driver with a Tamil Nadu Mercantile Bank account received an incorrect credit of Rs. 9,000 crore.
Rajkumar initially believed it might be a hoax and sent his friend a smaller amount—Rs 21,000—to check it out. The deal went off without a hitch. The remainder of the money was deducted from his account by the bank in a half-hour.
The Income Tax Department apparently conducted a bank verification process in June of this year and discovered a few discrepancies.
