Mahabaleshwara Gets Three-year Extension As Karnataka Bank MD

Money & Banking

Our Bureau

Mangaluru | Updated on

April 13, 2020

Published on

April 13, 2020

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.”

Published on April 13, 2020