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Pursuant to the approval received from the Reserve Bank of India (RBI), the board of directors of Karnataka Bank has reappointed P Jayarama Bhat as part-time (non-executive) Chairman to hold office up to November 13, 2021, and Mahabaleshwara MS as Managing Director and Chief Executive Officer of the bank for a further period of three years with effect from April 15.
Quoting Mahabaleshwara, a press release by the bank, said: “I am aware that the entire world is facing an unprecedented new set of challenges in the form of Covid-19 and the threat of another round of economic recession. But I am confident that Karnataka Bank is now better prepared to take these challenges head-on as we have grown bigger and stronger with various transformation initiatives.
“We are determined to take the bank to new highs in corporate governance and business standards, thus focussing on value-creation for all the stakeholders, and in the process make Karnataka Bank a big, strong and vibrant bank.”
Stating that he is privileged to have a second term as MD and CEO of Karnataka Bank for three years, he said: “It is also a welcome coincidence that my mentor and present Chairman of Karnataka Bank, P Jayarama Bhat, is re-appointed as Chairman for one-and-a-half years.”
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