Karnataka Bank, a private lender based in Mangaluru, announced that the Reserve Bank of India (RBI) has granted approval for the appointment of Sekhar Rao, the bank’s executive director, as the interim managing director and chief executive officer. The duration of the appointment is for three months, starting from April 15, 2023, or until the appointment of a regular managing director and chief executive officer, whichever comes first, as stated in a filing with the stock exchange. This appointment is necessary due to the conclusion of the term of office of Mahabaleshwara M S, the bank’s managing director and chief executive officer, on April 14, 2023.
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In the financial year of 2023-24, which coincides with its centenary year, the bank has set a target of achieving a growth of 17.69% in order to reach a total business turnover of Rs 1,75,000 crore. As per the bank’s provisional figures, its business turnover was Rs 1,48,694 crore with a growth rate of 7.63%. This figure is comprised of deposits amounting to Rs 87,362 crore and advances amounting to Rs 61,326 crore.
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