Kolkata: Mahesh Muralidhar Pai, currently chief general manager at Canara Bank, has been named as the new managing director and chief executive officer of private sector lender South Indian Bank.

The Reserve Bank of India accorded the approval to his appointment in a letter dated July 7, South Indian Bank said in a stock exchange notice Wednesday.

He will assume charge on October 1 for a three year period, while the current incumbent PR Seshadri's term ends on September 30.

Pai, who was spearheading digital banking and innovation at Canara Bank, subsequently tendered his resignation from the government-owned lender.

South Indian Bank will place the agenda for his appointment to the board meeting scheduled on July 16.

Pai, aged 50 has three decades of experience behind him across

verticals such as governance, strategy, treasury, foreign exchange, retail, agriculture and MSME credit.