Who is Raghavendra Srinivas Bhat, the new interim MD and CEO of Karnataka Bank?
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Synopsis
Karnataka Bank makes a significant leadership change by appointing Raghavendra Srinivas Bhat as interim MD and CEO following the resignation of Srikrishnan Hari Hara Sarma. This transition aims to stabilize the bank's trajectory amid recent challenges.
Key Takeaways
- Raghavendra Srinivas Bhat appointed as interim MD and CEO.
- Appointment follows the resignation of the previous CEO.
- Bhat has over 38 years of experience in banking.
- His leadership is expected to guide the bank through this transition.
- Current share price reflects a modest increase.
New Delhi, July 14 (NationPress) - Karnataka Bank has officially declared that its Chief Operating Officer (COO), Raghavendra Srinivas Bhat, will step in as the interim managing director and chief executive officer (CEO), effective from July 16 for a duration of three months.
This decision was reached by the bank's Board of Directors and received the green light from the Reserve Bank of India (RBI).
Bhat will serve in this capacity until a permanent CEO is appointed, or until the three-month term concludes, whichever occurs first, as detailed in the bank's stock exchange filing.
This appointment follows the resignation of the former MD and CEO, Srikrishnan Hari Hara Sarma, who left on June 29 for personal reasons, which subsequently caused a decline in the bank's share value.
Bhat boasts a robust career with Karnataka Bank, spanning over 38 years, during which he has ascended through various roles, including chief general manager (CGM) and COO, a position he assumed on July 2.
Throughout his extensive career, Bhat has engaged in all key banking and finance sectors, including human resources, IT and digital banking, treasury and forex operations, insurance, and rural banking.
The bank underscored that his leadership has been pivotal in steering strategic initiatives at the highest levels for more than a decade.
A regulatory filing to the stock exchanges confirmed that Bhat will also be recognized as key managerial personnel starting July 16.
The lender's shares were priced at Rs 193.15, reflecting an increase of Rs 2.76, or 1.45 percent, on the National Stock Exchange (NSE). Over the past six months, shares gained Rs 1.88, or 0.98 percent, while year-to-date, they have decreased by Rs 19.07, or 8.94 percent.
Point of View
It's vital to note Karnataka Bank's strategic decision in appointing Raghavendra Srinivas Bhat as the interim MD and CEO. This move reflects the bank's commitment to maintaining stability amidst leadership changes, ensuring that the institution continues to serve its stakeholders effectively.
NationPress
14/07/2025
Frequently Asked Questions
Who is Raghavendra Srinivas Bhat?
Raghavendra Srinivas Bhat is the newly appointed interim managing director and CEO of Karnataka Bank, with over 38 years of experience in the banking sector.
Why did the previous MD and CEO resign?
The former MD and CEO, Srikrishnan Hari Hara Sarma, resigned citing personal reasons.
How long will Bhat serve as interim MD and CEO?
Raghavendra Srinivas Bhat will serve as the interim MD and CEO for a period of three months, starting from July 16.
What has been Bhat's role in the bank?
Bhat has held various senior leadership roles in Karnataka Bank, including COO and chief general manager, contributing to strategic decision-making for over a decade.
What is the current share price of Karnataka Bank?
As of the latest update, Karnataka Bank's shares were trading at Rs 193.15.
