RBI Approves Vincent M. Devassy as Executive Director of Tamilnad Mercantile Bank

Tamilnad Mercantile Bank Ltd has announced that the Reserve Bank of India has approved the appointment of Vincent Menachery Devassy as its Executive Director. The appointment, effective for three years, awaits shareholder approval. Devassy, with extensive experience at the State Bank of India, specializes in retail banking, wealth management, and banking technology.

The Tamilnad Mercantile Bank Ltd, based in Tuticorin, announced on Friday that Vincent Menachery Devassy has been approved by the Reserve Bank of India (RBI) for the position of Executive Director. This appointment is subject to shareholder approval and spans a three-year term. The century-old bank confirmed the approval in a BSE filing, citing a letter from the RBI dated September 19, 2024.

Devassy's extensive career began at the State Bank of India, where he accumulated over 39 years of experience in commercial banking. He is recognized for his expertise in retail banking, wealth management, and banking technology.

This new role marks a significant step for Tamilnad Mercantile Bank as it seeks to leverage Devassy's considerable experience to bolster its executive leadership team.

(With inputs from agencies.)