NEW DELHI: The stock of South Indian Bank jumped more than 6 per cent on Friday after the RBI conveyed its approval for the appointment of P.R. Seshadri as the Managing Director and Chief Executive Officer of the bank for a period of three years with effect from October 1.

The stock closed at Rs 22.44, up Rs 1.36 or 6.4 per cent on the BSE.

A meeting of the Board of Directors of the bank will be convened in due course to approve the appointment of Seshadri as the MD & CEO, and the approval of the shareholders shall be obtained thereafter as per the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations.

Seshadri has served as, among other positions, MD & CEO of Karur Vysya Bank Limited (KVB), and MD & Regional Sales and Distribution Head, Citibank N.A., Asia Pacific, Singapore.