A few days ago, news about a Chennai cab driver finding 9000 crores credited to his account was doing the rounds. Tamilnad Mercantile Bank had credited the sum of 9000 crores by mistake. The issue was later sorted out and the amount was debited from the cab drivers account but the CEO S.Krishnan is said to have put in his papers.
In his resignation letter, Krishnan stated that he was resigning due to ”personal reasons”. He still has 2/3rd of a term but has taken moral responsibility for this huge lapse. He took charge as CEO of the bank in September 2022.
The bank is based in Thoothukudi and the Board of Directors held a meeting on Thursday, accepted Krishnan’s resignation and forwarded it to the Reserve Bank of India.
Till the Reserve Bank takes a decision on this issue, Krishnan will continue to be the CEO.