RBI approves new MD for Karnataka Bank

The Reserve Bank of India (RBI) has approved the appointment of P Jayarama Bhat as managing director of Karnataka Bank Ltd for a period of three years.

Consequent upon the splitting of the post of chairman and chief executive officer of the bank, Ananthakrishna, the present chairman and MD will continue as non-executive chairman of the bank for a period of three years.

Jayarama Bhat is a certified associate of the Indian Institute of Bankers and joined the bank in 1973 as probationary officer and served in various capacities.

Bhat will take over the new charge after the expiry of Ananthakrishna's term on July 12, 2009, the bank said in a statement.