Karnataka Bank appoints Raghavendra Srinivas Bhat as interim MD, CEO
New Delhi: Karnataka Bank on Monday announced that its Chief Operating Officer (COO), Raghavendra Srinivas Bhat, will take over as the interim managing director and chief executive officer (CEO) for a period of three months, starting from July 16.
The decision was taken by the bank’s Board of Directors, following approval from the Reserve Bank of India (RBI).
Bhat’s appointment will be effective until a regular MD and CEO is appointed or until the end of the three-month period — whichever comes earlier, according to its stock exchange filing.
This move comes after the former MD and CEO, Srikrishnan Hari Hara Sarma, resigned from his position on June 29, citing personal reasons. His resignation led to a noticeable dip in the bank’s share price.
Bhat has had a long and distinguished career with Karnataka Bank, spanning more than 38 years. He steadily rose through the ranks, eventually serving in senior leadership roles, including as chief general manager (CGM) and now as COO, a position he formally took on from July 2 this year.
During his tenure, Bhat has worked across all major areas of banking and finance, including human resources, IT and digital banking, treasury and forex operations, insurance, and rural banking.
The bank highlighted that his leadership has been crucial in driving strategic decisions at the highest level for over a decade.
In a regulatory filing to stock exchanges, the bank confirmed that Bhat will also be designated as a key managerial personnel from July 16.
The shares of the lender were trading at Rs 193.15, up by Rs 2.76 or 1.45 per cent on the National Stock Exchange (NSE). In the last six months, the shares were up by Rs 1.88 or 0.98 per cent. On a year-to-date (YTD) basis, the shares were down by Rs 19.07 or 8.94 per cent.