RBI approves Salee Sukumaran Nair as MD & CEO of Tamilnad Mercantile Bank

The Reserve Bank of India (RBI) has the Appointment of Salee Sukumaran Nair as Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank (TMB) for a term of three years. Nair, a seasoned banker with over 35 years of experience, takes over the role after serving as Deputy Managing Director and Chief Credit Officer at State Bank of India (SBI). His appointment comes after the bank was temporarily replaced by a three-member Committee of Executives (COEs) due to the earlier rejection of proposed candidates by the RBI.

Background and career overview

Banking career: Nair began his career in In 1987, he joined the State Bank of India as a probationary officer. Over the years he has held various positions, notably in the Corporate Accounts Group, where he served large corporate clients.

International experience: He worked for SBI's International Banking Group and was based in New York and Sydney, where he headed the Australian offices.

Branch management: Nair managed offices in Rajasthan and western Uttar Pradesh and played a key role in the merger of State Bank of Bikaner & Jaipur with SBI.

Management of encumbered assets

Management of distressed assets: Nair has extensive experience in non-performing asset management. As Chief General Manager of SBI's Stressed Asset Vertical since July 2017, he focused on eliminating non-performing assets (NPAs) through various strategies including restructuring and ARC sales.

Reduction of NPAs: During his tenure, he successfully reduced SBI's NPA peak from 10.96% to 4.90%.

Other roles: From September 2021 to July 2022, Nair served as Deputy Managing Director, in-charge of SMEs, Agriculture and Financial Inclusion. He later became Deputy Managing Director and Chief Credit Officer of SBI.

Appointment process

COEs and transition: The COEs were appointed following the resignation of the previous MD and CEO, Krishnan Sankarasubramaniamin September 2023 and the rejection of proposed candidates by the RBI in April 2024.

Shareholder approval: Nair's appointment as MD and CEO is subject to approval by TMB shareholders.