What was filed
South Indian Bank told the exchanges that the role of Managing Director & CEO changes hands. P R Seshadri demitted the office on September 30, 2026, after the close of business, on completion of his tenure as approved by the Reserve Bank of India. Mahesh Muralidhar Pai takes charge from October 1, 2026, with his appointment approved by the RBI and by shareholders at the Bank's 98th AGM held on August 20, 2026.
The handover was not abrupt. Per the filing, Pai had joined the Bank as an Officer on Special Duty for the interim period from September 16 to September 30, 2026, before stepping into the chief executive role.
The incoming chief executive
According to the Bank's profile, Pai is a career banker with close to three decades of experience spanning governance, strategy, treasury, foreign exchange, retail, agriculture and MSME credit. Before joining South Indian Bank he served as Chief General Manager at Canara Bank, where the filing says he led digital banking and innovation and had earlier headed one of the bank's largest zones.
The filing also cites overseas and board exposure, including a stint in Canara Bank's New York operations and directorships at Canara Bank Tanzania, Karnataka State Financial Corporation and Canara Bank Securities. Alongside the CEO role, Pai will be designated a Whole-time Key Managerial Personnel, a Material Risk Taker and the Bank's Principal Officer. The Bank affirmed he is not debarred or disqualified from holding the office of director.