Karnataka Bank MD & CEO, Executive Director resign; search committee formed for replacements

Mangalore Today News Network

Mangaluru, June 30, 2025: Karnataka Bank’s Board of Directors has officially accepted the resignation of Managing Director and CEO, Mr. Srikrishnan Hari Hara Sarma. Submitted earlier yestrerday, his resignation will take effect from July 15, 2025. Mr. Sarma cited personal reasons, including a decision to relocate to Mumbai, as the reason for stepping down.

In a parallel development, Executive Director Mr. Sekhar Rao has also tendered his resignation, citing personal reasons and an inability to shift to Mangaluru. His resignation has been accepted and will take effect from July 31, 2025.

To ensure a seamless leadership transition, the Bank has formed a search committee to identify suitable candidates for both the MD & CEO and Executive Director positions. In the interim, a seasoned senior banker has been appointed as Chief Operating Officer (COO), set to assume office on July 2, 2025. Additional interim arrangements are in progress, subject to regulatory approvals.

Addressing the Emphasis of Matter noted in the Auditor’s Report for FY 2024–25, the Bank stated that the issue—linked to Notes to Accounts in the audited statements—has been amicably resolved following internal deliberations.

Karnataka Bank reaffirmed its strong capital position and operational stability, assuring stakeholders that its ongoing transformation efforts will proceed uninterrupted.