RBI Approves PR Seshadri As Next MD & CEO Of South Indian Bank
The Reserve Bank of India (RBI) has granted approval on 17 August for the appointment of PR Seshadri as the Managing Director and CEO of South Indian Bank, effective from 1 October.
As per a disclosure made to the stock exchanges, the bank has communicated that Seshadri's tenure will span three years.
Seshadri's extensive professional experience includes roles such as Managing Director & CEO at The Karur Vysya Bank Limited (KVB), Regional Sales and Distribution Head & Managing Director at Citibank N.A., Asia Pacific, Singapore, Regional Head of Lending, Businesses, Citibank N.A., Asia Pacific, Singapore, Managing Director at CitiFinancial Consumer Finance India Limited (CCFIL), India, Marketing Director at Citibank N.A, India Branches, Head of Structured Finance & Managing Director at CFRSIL & Integration Manager - Associates India Limited, Head of Banking Collections at Citibank N.A, India, and leadership positions in sectors such as Automobile Finance, Community Banking, and Mortgage Business, including the role of Head for Southern India at Citi India.
Presently, he is engaged in mentoring businesses at both operational and board levels across various companies. His educational background encompasses a Bachelor’s degree in Electrical Engineering from the Delhi College of Engineering and a Post Graduate Diploma in Management from the Indian Institute of Management, Bangalore.
In an exclusive interview with Moneycontrol on 24 July, outgoing MD & CEO Murali Ramakrishnan revealed that the announcement of the new Managing Director and Chief Executive Officer was expected by August 2023, pending clearance from the Reserve Bank of India (RBI).
South Indian Bank disclosed a net profit of Rs 202.3 crore for the April-June FY24 quarter on 20 July, compared to the Rs 115 crore reported in the corresponding quarter of the previous year.
The private sector bank's gross non-performing asset (GNPA) ratio was recorded at 5.13 per cent, showing a slight decrease from 5.14 per cent during the same quarter in the previous year. Meanwhile, the lender's net NPA (NNPA) for the quarter was noted at 1.85 percent, marking a decrease from the 1.86 percent reported on a year-on-year basis.
