The Reserve Bank of India (RBI) has approved the appointment of Mahesh Muralidhar Pai as the Managing Director and Chief Executive Officer of South Indian Bank for a three-year term beginning October 1, 2026, the lender said in a regulatory filing.
However, the appointment will still require approval from the bank's board and shareholders.
South Indian Bank said the proposal to appoint Pai as MD and CEO will be placed before its board at a meeting scheduled for July 16. Shareholder approval will be sought subsequently in accordance with the Companies Act, 2013 and the SEBI Listing Regulations.
Pai, 50, is currently the Chief General Manager at Canara Bank, where he leads digital banking and innovation. He has nearly three decades of banking experience spanning governance, strategy, treasury, foreign exchange, retail banking, agriculture and MSME credit.
During his career at Canara Bank, he has overseen several strategic initiatives, including the establishment of the bank's gold loan vertical, and has headed one of its largest zones. His experience also includes an overseas assignment in New York.
He has served as a director at Canara Bank Tanzania Ltd and represented the bank on bodies including the Fixed Income Money Market and Derivatives Association of India (FIMMDA), Swift India Domestic Services Private Ltd and the Secondary Loan Market Association. He currently serves as a director on the boards of Karnataka State Financial Corporation and Canara Bank Securities Ltd.
The bank said Pai is recognised for his strategic leadership, execution capabilities, integrity and relationships across the banking and technology sectors. It also stated that he is not related to any of the directors of South Indian Bank and is not debarred from holding the office of director by SEBI or any other authority.
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