Bank MD resigns days after Rs 9,000 Cr mistakenly credited to cab driver’s account

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  • Tamilnad Mercantile Bank (TMB) Managing Director and CEO, S Krishnan tendered his resignation. 
  • The Board of Directors of the Bank in their meeting, accepted the resignation and forwarded the same to the Reserve Bank of India (RBI) for their guidance or advice. 
  • The development comes a week after a Chennai cab driver, who is an account holder of TMB, was wrongly credited Rs 9,000 crore. 
  • However, within half an hour, the balance amount was debited by the Bank. 
  • Krishnan cited “personal reasons” for his resignation, though he still had about two-thirds of his term remaining. 
  • Krishnan took charge as TMB’s MD and CEO in September last year. 

Tamilnad Mercantile Bank (TMB) Managing Director and CEO, S Krishnan tendered his resignation on Thursday. The development comes a week after a Chennai cab driver, who is an account holder of TMB, was wrongly credited Rs 9,000 crore.

Krishnan cited “personal reasons” for his resignation, though he still had about two-thirds of his term remaining. “Though I still have about 2/3rd of the term to go, due to personal reasons, I have decided to resign as Managing Director and CEO of the Bank,” Krishnan said in his resignation letter, which was disclosed by TMB through a regulatory filing.

Krishnan took charge as TMB’s MD and CEO in September last year.

The regulatory filing further said that the Board of Directors of the Bank in their meeting, accepted the resignation of S Krishnan and forwarded the same to the Reserve Bank of India (RBI) for their guidance or advice. Till the guidance is received, S Krishnan shall continue to be the MD and CEO of the Bank.

The move comes as a few days back a cab driver from Chennai, who is an account holder of Tamil Nadu Mercantile Bank, was wrongly credited Rs 9,000 crore. According to a report, the message received by the cab driver said that Rs 9,000 crore was credited to his account. At first, Rajkumar thought it was a scam, the report added.

To verify the authenticity, he tried transferring Rs 21,000 to his friend which was successful. It was only then that he realized that the amount had actually been transferred to his bank account by the Bank.

However, within half an hour, the balance amount was debited by the Bank.

(With inputs from agencies)

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