Mr. P R Seshadri (DIN: 07820690) demitted office as Managing Director & CEO of The South Indian Bank Limited on September 30, 2026 (after closure of business hours)
The retirement occurred on completion of his tenure of appointment as approved by Reserve Bank of India
Appointment of New MD & CEO
Nature of change: Appointment of Mr. Mahesh Muralidhar Pai (DIN: 09164982) as Managing Director & CEO
Effective date: October 1, 2026
Term: Three years with effect from October 1, 2026
Approvals: Approved by Reserve Bank of India and shareholders at the 98th AGM held on August 20, 2026
Profile of New MD & CEO
Name: Mr. Mahesh Muralidhar Pai (DIN: 09164982), aged 50 years
Experience: Accomplished banker with close to 3 decades of experience across governance, strategy, treasury, foreign exchange, retail, agriculture and MSME credit
Previous role: Chief General Manager at Canara Bank spearheading digital banking and innovation
Key achievements: Handled multiple strategic initiatives including setting up of gold loan vertical and headed one of the largest zones of Canara Bank
International experience: Stint in overseas operations of Canara Bank at New York, USA
Board experience: Served as Director in Canara Bank Tanzania Ltd, Karnataka State Financial Corporation, and Canara Bank Securities Ltd
Industry representation: Represented the Bank in Fixed Income Money Market and Derivatives Association of India (FIMMDA), Swift India Domestic Services Private Ltd, and Secondary Loan Market Association
Interim period: Served as "Officer on Special Duty (OSD)" from September 16, 2026 to September 30, 2026
Attributes: Recognized for strategic clarity, execution excellence, integrity, and strong industry relationships with banking and technology partners
Additional Designations
Appointed as Whole-time Key Managerial Personnel (KMP) pursuant to section 2(51) and other applicable provisions of Companies Act, 2013
Designated as Material Risk Taker (MRT) of the Bank
Appointed as Principal officer of the Bank
Compliance and Eligibility
Mr. Mahesh Muralidhar Pai is not related to any Directors of The South Indian Bank Ltd
Not debarred from holding the office of Director by virtue of any order of Securities and Exchange Board of India or any other authority
Not disqualified from holding the office of director pursuant to provisions of Section 164 of the Companies Act, 2013
