New Delhi, July 8, 2026
Shares of private lender South Indian Bank tumbled nearly 10 per cent on Wednesday after the lender announced that it had received the Reserve Bank of India’s (RBI) approval for the appointment of Mahesh Muralidhar Pai as its Managing Director and Chief Executive Officer (MD & CEO).
The private banking stock declined as much as 9.86 per cent to Rs 43.02 on the BSE. At around 12:05 pm, it was trading at Rs 44.23, down more than 7 per cent.
In a regulatory filing, the private sector lender said the RBI has approved the appointment of Pai as MD and CEO for a period of three years with effect from October 1.
The bank said the proposal for Pai’s appointment will be placed before its Board of Directors at the meeting scheduled for July 16.
In addition, the appointment will require shareholders’ approval in accordance with the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations.
Pai (50) is currently serving as Chief General Manager at Canara Bank, where he heads digital banking and innovation, according to the exchange filing.
With nearly three decades of banking experience, he has worked across governance, strategy, treasury, foreign exchange, retail banking, agriculture and MSME credit. He has also led several strategic initiatives at Canara Bank, including the establishment of its gold loan vertical, and has previously headed one of the bank’s largest zones.
Moreover, he serves as a Director on the boards of Karnataka State Financial Corporation and Canara Bank Securities Ltd, the filing added.
According to BSE data, the stock has touched a 52-week high of Rs 49.90 and a 52-week low of Rs 28.13.(Agency)
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