Karnataka Bank top officials resign
Sarma cited personal reasons, including a decision to relocate to Mumbai, for stepping down from his post.
In another major development, the Bank's Executive Director, Sekhar Rao, has also tendered his resignation citing his inability to relocate to the Bank's headquarters in Mangaluru along with other personal considerations. His resignation will take effect on July 31.
Following these developments, the Bank has constituted a Search Committee tasked with identifying suitable candidates for both the MD & CEO and Executive Director positions.
To ensure operational continuity, Karnataka Bank has appointed a senior banker as its Chief Operating Officer (COO), who will assume charge on July two.
The Bank also informed that necessary substitute arrangements are being undertaken, subject to regulatory approval.
Addressing queries related to the Emphasis of Matter included in the Auditor's Report for FY2024-25, the Bank clarified that the issue had been discussed and amicably resolved.
Reassuring its stakeholders, the Bank reiterated its financial strength, stating it remains well-capitalised and stable.
'The transformational journey initiated by the Bank will continue unhindered,' the official statement added.
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