Media Release
Mangaluru, Apr 13: Pursuant to the approval received from the Reserve Bank of India, the Board of Directors of Karnataka Bank have reappointed P Jayarama Bhat as part-time (Non-Executive) chairman to hold office up to November 11, 2021, and Mahabaleshwara M S as managing director and CEO of the Bank for a further period of three years with effect from April 15.
Responding to the re-appointments, Mahabaleshwara M S said, “I am honoured and privileged to have a second term as MD and CEO of this great institution for another period of three years. It is also a welcome coincidence that my mentor and present chairman of Karnataka Bank, P Jayarama Bhat is re-appointed as chairman for another period of one and a half years. I extend my sincere gratitude to P Jayarama Bhat and all the Board of Directors for their support and guidance during my stint as MD and 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 over 8,500 committed workforce which 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 the Reserve Bank of India and unstinting support of the shareholders over the years in the growth of the Bank."
Mahabaleshwara M S (left) and P Jayarama Bhat
“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 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 Mahabaleshwara M S.