Money & Banking

Karnataka Bank board members opt for cut in sitting fees

Our Bureau Mangaluru | Updated on June 26, 2020 Published on June 26, 2020

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The directors on the board of Karnataka Bank have decided to take a cut in their sitting fees for board and committee meetings as one of the initiatives to face the uncertainties caused by the Covid-19 pandemic.

In the directors’ report of the 96th annual report of the bank, P Jayarama Bhat, Chairman of the bank, said that in view of the continued uncertainties triggered by the Covid-19 pandemic in the country, Karnataka Bank has taken several proactive steps to tread cautiously with a conservative approach so as to conserve, consolidate, and emerge stronger at the end.

“In this direction, the bank has initiated many measures to conserve capital and also to reduce avoidable revenue expenses. The Board of Directors also led from the front by opting for around 29 per cent and 20 per cent cut in their sitting fees for Board/Committee meetings respectively,” he said.

The report said that the Managing Director and Chief Executive Officer of the bank has also opted to forego his variable pay entitlement for the financial year 2019-20. He has also decided to continue to use his old car so as to defer the capital expenses thereon, it said.

All Board/Committee meetings and internal review meetings are being held via the digital mode, thus positively impacting savings. All such cost-cutting measures are showing desired results, it said.

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Published on June 26, 2020
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