RBI rejects Tamilnad Mercantile Bank's recommendation to appoint B Vijayadurai as non-executive chairman

The Reserve Bank has declined Tamilnad Mercantile Bank's recommendation to appoint B Vijayadurai as part time non-executive chairman of the lender, as per a regulatory filing.

The bank had on August 20 recommended to the RBI for appointment of B Vijayadurai as part time non-executive chairman.

"Reserve Bank of India vide their letter dated September 19, 2022, declined our request for appointment of B Vijayadurai as part time non executive Chairman of the Bank," the bank said in a regulatory filing on Tuesday.

The reasons for RBI's denial could not be ascertained.

It said the regulator has advised it to submit a fresh proposal of another independent director for the post of part time non-executive chairman.

The bank made its debut on the stock exchanges on September 15, 2022. Stock of TMB closed 0.53 per cent lower at Rs 494.05 apiece on BSE on Tuesday.