Karnataka Bank CEO
On Wednesday, the Reserve Bank of India approved the appointment of Sekhar Rao for Mangaluru-based private lender Karnataka Bank. Sekhar Rao is appointed as Executive Director of the bank as Interim Managing Director and Chief Executive Officer.
The duration of the appointment is for 3 years, which started on April 15, 2023. The appointment will be valid until a regular Chief Executive Officer and Managing Director is appointed for the bank.
The appointment of a new Managing Director and CEO was necessary as Mahabaleshwara M.S., the former CEO and MD of Karnataka Bank, left his position on April 14, 2023. Karnataka Bank has finalized a target of achieving a growth of 17.69% for reaching Rs 1,75,000 crore business turnover in this financial year.
Previously, the provisional figure of Karnataka Bank’s business turnover was Rs 1,48,694 crore. The growth rate was 7.63%. This figure includes deposits of Rs 87,362 crore and advances amounting to Rs 61,326 crore.
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