Karnataka Bank appoints Raghavendra Bhat MD & CEO for three months

Bhat takes charge from 16 July following the resignations of Srikrishnan Sarma and Sekhar Rao, pending shareholder approval at the bank's upcoming annual general meeting

Karnataka Bank on Monday said it has appointed Raghavendra S Bhat as the MD & CEO of the bank for a period of three months, effective 16 July, subject to shareholders’ approval in the ensuing annual general meeting. Bhat has held key positions at Karnataka Bank, including Chief Operating Officer, for nearly four decades. 

 

Last month, Srikrishnan Hari Hara Sarma, the MD & CEO of the bank, resigned from his position citing personal reasons, including his decision to relocate back to Mumbai. Similarly, Executive Director Sekhar Rao resigned from his position citing his inability to relocate to Mangaluru and other personal reasons.

 

In May, the bank’s statutory auditors had flagged certain expenditure incurred by the whole-time directors without taking the board into confidence, which may have led to the resignations.