Mangaluru, April 13, 2020: Pursuant to the approval received from the Reserve Bank of India, the Board of Directors of Karnataka Bank has reappointed P Jayarama Bhat as Part Time (Non Executive) Chairman to hold office up to 13th November 2021 and Mahabaleshwara M.S as Managing Director & CEO of the Bank for a further period of three (3) years with effect from 15th Apri 2020.
P Jayarama Bhat and Mahabaleshwara M.S
Responding to the re-appointments, Mr. Mahabaleshwara M.S said, “I am honoured and privileged to have a second term as MD & CEO of this great institution for another period of 3 years. It is also a welcome co-incidence that my mentor and present Chairman of Karnataka Bank, Shri P Jayarama Bhat is re-appointed as Chairman for another period of one and a half years. 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. I would like to place on record my gratitude for the loyalty of Bank’s 10 million plus customers and support of 8500 plus committed work force which have enabled the Bank to accomplish a commendable position in the Indian banking industry as we see it today. I also thankfully acknowledge the invaluable guidance of Reserve Bank of India and unstinting support of the shareholders over the years in the growth of the Bank.
“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 a new high in every aspect of Corporate Governance and business standards, thus focusing on value creation for all the stakeholders and in the process making Karnataka Bank a big, strong and vibrant Bank. I solicit the continued support of all the stakeholders in making this journey an exciting, rewarding and memorable one” said Mr. Mahabaleshwara M.S.