P. Jayaram Bhat re-appointed as MD & CEO of Karnataka Bank

P. Jayaram Bhat re-appointed as MD & CEO of Karnataka Bank

Mangalore Today News Network

Mangalore, July 12, 2012 : P. Jayarama Bhat, managing director and chief executive officer of Karnataka Bank Limited, who will complete his first term on July 13, 2012, has been appointed yet again for a term of 3 years.

The Reserve Bank of India (RBI) approved the re-appointment of Mr. Bhat as the MD and CEO of the bank for another 3 years with effect from July 14, 2012, according to the proposal of the Board of the Directors.

During the last three years, the bank recorded all-round progress and reached a height of Rs. 54,488 crores as on July 30, 2012 from Rs. 32,004 crore as on June 30, 2009. Besides, the bank’s capital fund has reached the Rs. 2,600 crore mark at the end of March 2012 and its capital adequacy ration was 12.84 percent.

While three years back, the bank had 447 branches, it now has a total of 504 branches. Its number of ATMs has also grown by more than 100 percent from 177 ATMs in 2009 to 382 ATMs at present. Besides, more ATMs are being opened all over the country for the convenience of its customers.

During Mr. Bhat’s tenure as MD and CEO, the bank introduced POS, travel cards, online trading accounts, gift cards, and others.

Mr. Bhat is a member of the Managing Committee of Indian Banks Association (IBA) and the honorary president of Bankers’ Club, Mangalore. He is the chairman of Private Sector Banks Association. During his tenure, the bank bagged Best Bank Award by IDBRT for managing IT risk under small bank category.

With Mr. Bhat as its MD and CEO for another term, the bank plans to cross business turnover of Rs. 1 lakh crore by March 2015.

Mr. Bhat thanked the board of directors, RBI, and the bank’s stake holders for their trust in him. He also thanked the bank’s staff for their cooperation and support and promised that he will take Karnataka Bank to great heights.