Karnataka Bank announced a significant change in its top management as Ramachandra K Gurumurthy, the Head of Treasury, submitted his resignation due to personal reasons. This development marks a notable shift in the bank's leadership structure.

Resignation Details

Gurumurthy tendered his resignation on October 3, 2025, requesting immediate effect. In his resignation letter, he expressed gratitude for the opportunities and support provided during his tenure, describing his experience at Karnataka Bank as both challenging and fulfilling.

Bank's Response

Karnataka Bank, in its regulatory filing dated October 10, 2025, stated that it would inform stakeholders about management changes and Gurumurthy's actual exit date after completing internal formalities. This approach suggests a structured transition process within the organization.

Additional Management Changes

The bank also disclosed another significant personnel update on the same day. Ananthapadmanabha B., General Manager of Special Projects, has submitted an application for voluntary retirement. The bank has similarly stated that it will provide further details on management changes and Ananthapadmanabha's exit date after internal procedures are completed.

Impact and Outlook

These simultaneous changes in key positions—Head of Treasury and General Manager of Special Projects—may signal a period of transition for Karnataka Bank. While the bank has not provided immediate replacements or succession plans, these developments could potentially influence the bank's strategic direction and operations in the near term.

Karnataka Bank's proactive disclosure of these management changes aligns with regulatory requirements and demonstrates transparency in its corporate governance practices. As the bank navigates these transitions, stakeholders will likely be keen to observe any subsequent appointments and their potential impact on the bank's performance and strategies.

The financial sector will be watching closely to see how Karnataka Bank manages these changes and maintains stability in its treasury operations and special projects division during this transition period.

Karnataka Bank , a prominent player in India's banking sector, held its 101st Annual General Meeting (AGM) on September 23, 2025, marking significant changes in its leadership and governance structure. The AGM, conducted through video conferencing, saw shareholders approving several key appointments and resolutions.

New Leadership at the Helm

One of the most notable outcomes of the AGM was the appointment of Raghavendra Srinivas Bhat as the Managing Director and CEO of Karnataka Bank. Shareholders approved Bhat's appointment for a period of three months starting July 16, 2025, or until a regular MD & CEO is appointed, whichever is earlier. Bhat brings a wealth of experience to the role, having served the bank for 38 years in various capacities, including as Chief Operating Officer before his retirement in 2019.

Board Reappointments

The AGM also saw the reappointment of two key board members:

1. B R Ashok was re-appointed as a Non-Executive Director. Ashok, a chartered accountant with over 40 years of experience, will continue to serve on the board until August 26, 2027.

2. Uma Shankar, a former Executive Director of the Reserve Bank of India, was re-appointed as a Non-Executive Independent Director for a three-year term starting November 1, 2025.

Other Key Resolutions

Shareholders approved several other important resolutions during the AGM:

• The appointment of M/s. Ravi Rajan & Co. LLP, Chartered Accountants, New Delhi, and M/s. R.G.N. Price & Co., Chartered Accountants, Chennai, as joint Statutory Auditors of the Bank.
• The appointment of M/s. SVJS & Associates as Secretarial Auditors of the Bank for a period of five consecutive years.
• Amendments to the Articles of Association of the Bank.
• Declaration of a final dividend on equity shares for the Financial Year ended March 31, 2025.

Voting Results

The e-voting results revealed strong shareholder support for most resolutions. Notably, the appointment of Raghavendra Srinivas Bhat as MD & CEO received 89.89% votes in favor, while Uma Shankar's re-appointment as an Independent Director garnered 89.14% approval.

Compliance and Transparency

Karnataka Bank emphasized its commitment to compliance and transparency, noting that all appointed directors have been confirmed as not debarred from holding office by SEBI or any other authority.

The 101st AGM of Karnataka Bank marks a significant milestone in the bank's journey, setting the stage for its future growth and governance under new leadership.