RBI Approves Mahesh Pai as South Indian Bank MD & CEO for Three-Year Term

The Reserve Bank of India (RBI) has approved appointment of Mahesh Muralidhar Pai as the new Managing Director and Chief Executive Officer (MD & CEO) of the South Indian Bank for the three year term which will begin from 1st of October, 2026. This move is expected to bring experienced leadership to the Thrissur-headquartered bank.

RBI Approves Mahesh Pai’s Appointment

The South Indian Bank has informed the stock exchanges that the RI has granted approval for Mahesh Pai’s appointment as MD & CEO for a period of three years, and it will be effective from 1st of October, 2026.

His appointment will be placed before the bank’s Board of Directors at the meeting which is scheduled for 16th of July, 2026. After the board approval, this proposal will also require the shareholders’ approval before Pai officially assumes the charge.

He will succeed the P. R. Seshadri, who has earlier announced that he would not seek reappointment after the completion of his tenure on 30th September, 2026.

Who Is Mahesh Pai?

Mahesh Pai, age 50, is currently serving as the Chief General Manager at Canara Bank, where he heads the bank’s Digital Banking and Innovation vertical.

After nearly 30 years of banking experience, he has worked across multiple domains, including the,

• Digital banking and financial technology
• Corporate governance and strategy
• Treasury and foreign exchange
• Retail banking
• Agriculture and MSME credit
• Overseas banking operations

Board and Leadership Experience

Apart from his executive responsibilities, Mahesh Pai has also served in several leadership positions.

His previous and current board assignments includes the,

• Director, Canara Bank Tanzania Ltd.
• Representative at the FIMMDA (Fixed Income Money Market and Derivatives Association of India)
• Representative at the SWIFT India Domestic Services Pvt. Ltd.
• Representative at the Secondary Loan Market Association
• Director, Karnataka State Financial Corporation
• Director, Canara Bank Securities Ltd.