Tamilnad Mercantile Bank (TMB) has announced a significant development in its leadership structure, with shareholders overwhelmingly approving the appointment of K. Ramachandran as Independent Director and Non-Executive Part-Time Chairman through a postal ballot voting process.

Voting Results

The resolution for Ramachandran's appointment passed with an impressive 99.84% of votes in favor. Here's a breakdown of the voting results:

Appointment Details

• Position: Independent Director and Non-Executive Part-Time Chairman
• Remuneration: Rs. 18.00 lakh per annum, payable monthly at Rs. 1.50 lakh
• Voting Period: October 1-30 (Remote e-voting)
• Results Declaration: October 30

Voting Rights Restriction

It's noteworthy that some shareholders' voting rights were restricted to 4.99% based on Reserve Bank of India (RBI) orders related to acting in concert provisions under banking regulations. This restriction affected four entities:

1. CUNA Group Mauritius Ltd
2. FII Investments Mauritius Limited
3. Kamehameha Mauritius Ltd
4. Swiss Re Investors Mauritius Limited

Management Changes

In addition to Ramachandran's appointment, TMB also announced changes in its senior management:

1. New Appointment: Sathishkumar N. joins as Vice President of Information Technology, effective October 31. He brings 22 years of banking experience in IT and core banking systems.

2. Retirement: Natarajan J., Vice President of the Business Intelligent Unit, will retire from the bank's service at the close of business hours on October 31.

These developments signify TMB's focus on strengthening its leadership and technological capabilities as it moves forward in the competitive banking landscape.

Conclusion

The strong shareholder support for K. Ramachandran's appointment as Part-Time Chairman reflects confidence in TMB's governance choices. As the bank navigates the evolving financial sector, these leadership changes may play a crucial role in shaping its future strategies and operations.

Tamilnad Mercantile Bank (TMB), a prominent player in the Indian banking sector, has announced significant changes in its senior management team, effective October 31, 2025. These changes, focusing on the Information Technology (IT) and Business Intelligence units, reflect the bank's commitment to strengthening its technological capabilities and operational efficiency.

New IT Leadership

Sathishkumar N has been appointed as the Vice President of Information Technology at TMB. With 22 years of banking experience in the IT field, Sathishkumar brings a wealth of knowledge to his new role. His expertise includes:

• Extensive experience in core banking systems
• Certification as an Information System Banker
• Diploma in Information System Audit (DISA)

Prior to joining TMB, Sathishkumar held the position of Head IT Application at Karur Vysya Bank Limited, showcasing his proven track record in managing complex IT infrastructures in the banking sector.

Retirement in Business Intelligence

Simultaneously, TMB announced the retirement of Natarajan J, who has been serving as the Vice President of the Business Intelligence Unit. Natarajan will conclude his tenure with the bank at the close of business hours on October 31, 2025.

Implications for TMB's Future

These changes in TMB's senior management structure highlight the bank's focus on:

1. Enhancing its technological infrastructure
2. Adapting to the evolving digital banking landscape
3. Ensuring a smooth transition in key leadership positions

As the banking sector continues to embrace digital transformation, TMB's decision to bring in experienced IT leadership underscores its commitment to staying competitive in an increasingly tech-driven financial world.

The bank has not disclosed any immediate plans for replacing the retiring Business Intelligence head.

These strategic moves by Tamilnad Mercantile Bank are likely to be closely watched by industry observers and stakeholders, as they may indicate the direction of the bank's future technological and operational strategies.