South Indian Bank has secured regulatory approval to appoint Mahesh Muralidhar Pai as its Managing Director & CEO, effective October 1, 2026, for a three-year term. The Reserve Bank of India conveyed its approval via a letter dated July 07, 2026. Pai, aged 50, is currently serving as Chief General Manager at Canara Bank, where he spearheads digital banking and innovation.

The appointment will be placed before the Board in its meeting scheduled for July 16, 2026. Following the Board's recommendation, the bank will seek shareholder approval in accordance with the Companies Act, 2013 and SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Pai is not related to any existing directors of South Indian Bank .

Pai brings nearly three decades of experience across governance, strategy, treasury, foreign exchange, retail, agriculture, and MSME credit. His professional tenure includes a stint in the overseas operations of Canara Bank in New York, USA. He has previously served as Director in Canara Bank Tanzania Ltd and represented the bank in the Fixed Income Money Market and Derivatives Association of India (FIMMDA).

Key Details of Appointment

Currently, Pai also holds directorships at Karnataka State Financial Corporation and Canara Bank Securities Ltd. He is recognized for his strategic clarity and execution excellence, having handled multiple strategic initiatives including the setting up of the gold loan vertical at Canara Bank.

South Indian Bank reported a 17.01% year-on-year increase in gross advances to ₹104,366 crore for Q1 FY27, the quarter ended June 30, 2026. Total deposits grew by 11.39% to ₹125,786 crore, while Current Account Savings Account (CASA) deposits rose 14.61% to ₹41,493 crore. The CASA ratio improved to 32.99% compared to 32.06% in the same period last year.

The bank disclosed that during the quarter ended March 31, 2026, it had technically written off an amount of ₹1,048 crore. Had this write-off not occurred, the year-on-year growth in gross advances as of June 30, 2026, would have been 18%.

Business Performance

The provisional business updates for Q1 FY27 show growth across key metrics compared to the corresponding period in the previous year. The data is subject to audit by the Statutory Auditors of the Bank.

*During the quarter ended March 31, 2026, the bank technically wrote off ₹1,048 crore. Excluding this, Y-o-Y growth in gross advances would have been 18%.

The intimation was submitted in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 8 of SEBI (Prohibition of Insider Trading) Regulations, 2015.