RBI Approves Vincent Menachery as Tamilnad Mercantile Bank Director

Chennai, Sep 20 (PTI) Tuticorin-based Tamilnad Mercantile Bank Ltd on Friday said the Reserve Bank of India has approved the appointment of Vincent Menachery Devassy as its Whole Time (Executive Director) of the bank.


The appointment would be for a period of three years, from the date of assuming charge, and subject to the approval of shareholders, Tamilnad Mercantile Bank said in a BSE filing.


"Reserve Bank of India vide its letter September 19, 2024, in terms of Section 35B of the Banking Regulation Act, 1949, approved the appointment of Vincent Menachery Devassy as the Whole Time Director (Executive Director) of the bank," the over century-old bank said.


Devassy began his career in State Bank of India and has over 39 years of experience in commercial banking. He has deep knowledge in retail banking, wealth management, and banking technology among others, it added.