Srinad Mercantile Bank's MD, S Krishnan, resigns

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Srinad Mercantile Bank's MD, S Krishnan, resigns

Srinad Mercantile Bank's Managing Director and CEO, S Krishnan, has resigned on Thursday. The development comes a week after a Chennai cab driver, who is an account holder of TMB, was mistakenly credited with Rs 9,000 crore.

Krishnan cited 'personal reasons' for his resignation, though he still had about two-third of his term left. Krishnan's resignation letter was disclosed through a regulatory filing by TMB.

In September last year, Krishnan took over as TMB's MD and CEO.

The regulatory filing further states that the Board of Directors of the Bank accepted the resignation of S Krishnan in their meeting on 28 September 2023 and forwarded the same to the Reserve Bank of India for their guidance or advice.

S Krishnan will remain the MD and CEO of the bank until the guidance is received.

The move comes after a cab driver from Chennai, who is an account holder of Tamil Nadu Mercantile Bank, was mistakenly credited Rs 9,000. According to an Indian Today report, the cab driver's message told him that Rs 9,000 had been credited to his account. At first, the report said Rajkumar thought it was a scam.

To verify the authenticity, he tried to transfer Rs 21,000 to his friend. It was only then that he realized that the amount had been transferred to his bank account.

In half an hour, the balance of the account was debited by the Bank.

A cabbie in Chennai gets Rs 9,000 cr deposits in his bank account, here's what happened next.