Mangaluru: The Board of Directors of Karnataka Bank has reappointed P Jayarama Bhat as Part Time (Non Executive) Chairman and Mahabaleshwara M.S as Managing Director and CEO of the Bank after receiving approval from the Reserve Bank of India (RBI).
According to a press release released by the Bank, Jayarama Bhat’s term has been extended to November 13, 2021 and Mahabaleshwara’s term has been extended by three more years with effect from April 15.
Responding to the re-appointments, Mahabaleshwara M.S said in the press release, “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.”
He added that they 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”.
He also expressed his gratitude for having been re-appointed as the CEO and joy at having his “mentor” P Jayarama Bhat’s term also extended for a year and a half.
“I extend my sincere gratitude to Shri P Jayarama Bhat and all the Board of Directors for their support and guidance during my stint as MD & CEO of the Bank,” he added.
