Karnataka Bank shareholders approved all seven resolutions at the 102nd Annual General Meeting held on September 22, 2026, including a final dividend of ₹5.00 per equity share for FY26.

The meeting, conducted virtually from Mangaluru and presided over by Chairman Pradeep Kumar P, saw unanimous consent for key governance matters. The audited standalone and consolidated financial statements for FY26 were adopted with 99.89% votes in favor.

Auditor transition details

M/s. Batliboi & Purohit, Chartered Accountants, were appointed as Joint Statutory Auditors for three years, effective from the conclusion of the 102nd AGM until the 105th AGM. This appointment received 99.89% approval and follows Reserve Bank of India clearance conveyed via letter CO.DOS.RPD.No.: S3635/08.11.005/2026-27 dated August 11, 2026.

M/s. Batliboi & Purohit will serve jointly with the existing auditor, M/s. R.G.N. Price & Co., Chartered Accountants. M/s. R.G.N. Price & Co. will continue to hold office until the conclusion of the 103rd Annual General Meeting. The meeting also fixed the remuneration for the newly appointed auditors. M/s. Ravi Rajan & Co. LLP retired from their role during this meeting.

Director appointments and re-elections

The AGM addressed several leadership changes. Mr. B R Ashok was re-appointed as a Non-Executive, Non-Independent Director, though this resolution saw a lower approval rate of 78.26%, with 21.74% of votes cast against the motion. This stands in contrast to other resolutions which garnered near-unanimous support.

New appointments included:

• Mrs. Bijji Sreekrishnavilas Sankaranarayanan as Executive Director (99.02% approval)
• Dr. M Aruna Shyam as Non-Executive Independent Director (99.87% approval)
• Mr. Parthasarathi Periaswamy as Non-Executive Independent Director (99.86% approval)

Governance and voting process

The e-voting process, facilitated by Central Depository Services (India) Limited, remained open from September 18 to September 21, 2026. The scrutinizer’s report confirmed that all ordinary and special resolutions passed with the requisite majority under the Companies Act, 2013. A total of 182 members attended the meeting via Video Conferencing/Other Audio Visual Means (VC/OAVM).

The Managing Director & CEO presented the summary of the Auditors' Report, noting that the Joint Statutory Auditors expressed an unmodified opinion for FY26. The Bank expressed appreciation to its shareholders for their continued trust and support at the conclusion of the meeting.

What the numbers show

A distinct divergence appears in shareholder sentiment regarding board composition. While routine matters like financial statements, auditor appointments, and new director elections achieved near-unanimous consent (>99%), the re-appointment of Mr. B R Ashok faced significant dissent, with over one-fifth of voting shares opposing the motion. This suggests specific shareholder concerns regarding this particular director's tenure or performance, unlike the broader consensus seen in other governance decisions.

Karnataka Bank shareholders approved the appointment of Biji Sreekrishnavilas Sankaranarayanan as the new Executive Director during the bank's 102nd Annual General Meeting held on September 22, 2026.

The resolution, passed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, also confirmed the appointment of two Non-Executive Independent Directors: Dr. M Aruna Shyam and Mr. Parthasarathi Periaswamy. Additionally, members re-appointed Mr. Balebail Rajagopal Ashok as a Non-Executive, Non-Independent Director following his retirement by rotation.

Leadership changes

Mrs. Biji Sreekrishnavilas Sankaranarayanan brings 31 years of experience in strategic banking leadership. Her tenure as Executive Director is for a period of three years effective July 15, 2026. She has previously steered nationwide banking networks comprising 950 branches as independent profit centers, with expertise in corporate banking, retail banking, liabilities, and digital modernization.

Dr. M Aruna Shyam was appointed as a Non-Executive Independent Director for a four-year term effective July 18, 2026. He holds a doctorate in Law and served as the Additional Advocate General for the State of Karnataka from 2020 to 2023. He was designated as a Senior Advocate by the High Court of Karnataka in December 2021.

Mr. Parthasarathi Periaswamy joins as a Non-Executive Independent Director for a four-year term effective July 29, 2026. A seasoned technology and cybersecurity leader, he previously served as Chief Information Security Officer and Chief General Manager (IT) at the Reserve Bank of India. His background includes shaping national cybersecurity frameworks and leading IT infrastructure at the Institute for Development and Research in Banking Technology (IDRBT).

Board composition updates

Mr. Balebail Rajagopal Ashok was re-appointed as a Non-Executive, Non-Independent Director with a maximum tenure up to August 26, 2027. He is a Fellow Member of the Institute of Chartered Accountants of India (ICAI) with over 41 years of experience in statutory audits of banks and insurance companies.

Regulatory compliance

The bank confirmed that none of the newly appointed or re-appointed directors have been debarred from holding office by SEBI or any other authority. The disclosures were made in compliance with BSE Circular No. LIST/COMP/14/2018-19 and NSE Circular No.: NSE/CML/2018/24 dated June 20, 2018, alongside the SEBI Master Circular No.: SEBI/HO/49/14/14(7) 2025-CFD-POD2/I/3762/2026 dated January 30, 2026.