South Indian Bank has received approval from the Reserve Bank of India (RBI) to appoint Mahesh Muralidhar Pai as its Managing Director and Chief Executive Officer, as per an exchange filing dated July 8, 2026.
The approval was conveyed through an RBI letter dated July 7, 2026. As per the bank's regulatory filing, Pai will assume office from October 1, 2026, for a term of three years.
While the RBI has cleared the appointment, the process requires further corporate approvals. South Indian Bank said the proposal will be placed before its Board of Directors at the meeting scheduled for July 16, 2026.
The appointment will then be taken to shareholders for approval in line with the Companies Act, 2013, and the SEBI Listing Regulations.
Pai, aged 50, is currently Chief General Manager at Canara Bank, where he is responsible for digital banking and innovation. He has nearly 30 years of experience across treasury, governance, strategy, foreign exchange, retail banking, agriculture finance and MSME lending.
During his career, he has led several business initiatives, including setting up Canara Bank's gold loan vertical, and has also headed one of the bank's largest operational zones.
His professional background also includes an overseas assignment with Canara Bank in New York. Over the years, he has served as a director on the boards of Canara Bank Tanzania Ltd., Karnataka State Financial Corporation and Canara Bank Securities Ltd.
He has also represented the bank at the Fixed Income Money Market and Derivatives Association of India (FIMMDA), Swift India Domestic Services Private Ltd and the Secondary Loan Market Association.
In its filing, South Indian Bank said Pai is not related to any member of its Board of Directors. The bank also confirmed that he has not been debarred by the Securities and Exchange Board of India (SEBI) or any other authority from holding the position of director.
These disclosures form part of the appointment process under regulatory requirements.
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As of July 8, 2026, 12:07 pm, South Indian Bank Ltd share price was trading at ₹44.21, down 7.26% from the previous closing price.
With the RBI approval in place, South Indian Bank will now complete the remaining board and shareholder approval process before Mahesh Muralidhar Pai takes charge as Managing Director and CEO on October 1, 2026.
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Published on: Jul 8, 2026, 1:21 PM IST
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