RBI Appoints S. Ravindran as Part-Time Chairman of Tamilnad Mercantile Bank

The Reserve Bank of India (RBI) has taken a significant step by appointing S. Ravindran as the part-time chairman of Tamilnad Mercantile Bank Ltd. (TMB), marking a new chapter in the bank’s leadership. This appointment, effective from February 29, extends till August 2, 2026, and comes at a pivotal moment for TMB as it navigates the challenges and opportunities of the financial sector.

Background of S. Ravindran

S. Ravindran brings to TMB a wealth of experience from his tenure as an independent director on the boards of several prestigious organizations, including the National Stock Exchange (NSE), LTIDPL InvIT Services, Shriram Finance, and Bandhan Asset Management Company (AMC). His diverse portfolio underscores his vast expertise and understanding of the financial landscape, making him an ideal candidate for the role of part-time chairman at TMB.

Regulatory Compliance

Prior to his appointment at TMB, the RBI stipulated that Mr. Ravindran must resign from his directorship positions at Shriram Finance and Bandhan AMC to avoid any potential conflicts of interest. This move ensures adherence to regulatory guidelines and underscores the importance of governance and compliance in the banking sector.

The Journey to Appointment

The position of non-executive part-time chairman at TMB had been vacant since February 2, 2020, following the departure of S. Annamalai. In an attempt to fill this vacancy, TMB recommended B. Vijayadurai for the chairman role on August 20, 2022. However, this proposal was not approved by the RBI, which instead requested a new nomination, leading to the eventual appointment of S. Ravindran.