Mumbai: South Indian Bank has appointed Mahesh Muralidhar Pai as its new Managing Director and Chief Executive Officer for a period of three years, starting October 1, 2026.
The appointment has been approved by the Reserve Bank of India and the bank’s shareholders at its 98th Annual General Meeting held on August 20, 2026.
P R Seshadri Completes Tenure
Pai takes over from P R Seshadri, who stepped down as Managing Director and CEO after the close of business hours on September 30, 2026, following the completion of his approved tenure.
Apart from serving as MD and CEO, Pai will also become a Whole-time Key Managerial Personnel, Material Risk Taker and Principal Officer of South Indian Bank.
Nearly Three Decades In Banking
The 50-year-old Pai has close to three decades of banking experience covering areas such as strategy, treasury, foreign exchange, retail banking, agriculture and MSME credit.
Before joining South Indian Bank, he was Chief General Manager at Canara Bank, where he was responsible for digital banking and innovation. He has also handled major initiatives, including setting up Canara Bank’s gold loan vertical.
Experience In India And Overseas
Pai has also worked in Canara Bank’s overseas operations in New York. He served as a director at Canara Bank Tanzania and held positions in several banking and financial organisations.
Before formally taking charge as MD and CEO, Pai joined South Indian Bank as an Officer on Special Duty for the period from September 16 to September 30, 2026.
The bank also said Pai is not related to any of its directors and is not barred or disqualified from holding the position of director.
