Karnataka Bank Ltd. (KBL) has announced a significant change in its senior management team. Giridhar Rajaram, who served as the Head of Wholesale & Mid-Corporate Banking, has resigned from his position at the bank.

Resignation Details

According to the bank's regulatory filing to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), Rajaram's resignation was accepted on July 18, 2025. Following the completion of internal formalities, he was officially relieved from his duties at the close of business hours on July 25, 2025.

Impact on Bank's Structure

With Rajaram's departure, he has ceased to be a Senior Management Personnel of Karnataka Bank. This change in the bank's leadership structure was communicated to the stock exchanges as part of the bank's regulatory disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance

The bank has adhered to the SEBI Master circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, read with SEBI circular no. SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, in disclosing the details of changes in Senior Management Personnel.

Looking Ahead

While the bank has not provided information about a successor for the role of Head of Wholesale & Mid-Corporate Banking, this development may lead to potential changes in the bank's leadership structure and strategy in these key business segments.

Investors and stakeholders of Karnataka Bank will likely be watching closely for any further announcements regarding the filling of this important position and its potential impact on the bank's operations in the wholesale and mid-corporate banking sectors.

Karnataka Bank , a leading south Indian private sector bank, has announced the appointment of Mr. Raghavendra S Bhat as its interim Managing Director and Chief Executive Officer (MD & CEO). This strategic move comes in the wake of recent leadership changes at the bank.

Key Highlights

• Mr. Raghavendra S Bhat, previously serving as the Chief Operating Officer (COO), has been appointed as the interim MD & CEO.
• The appointment is effective from July 16, 2025, for a period of three months or until a permanent replacement is found, whichever is earlier.
• Mr. Bhat's appointment follows the resignation of the previous MD and executive director due to a board conflict.
• The appointment is subject to shareholder approval at the upcoming Annual General Meeting or within three months of assuming charge, as per SEBI regulations.

Extensive Banking Experience

Mr. Raghavendra S Bhat brings a wealth of experience to his new role:

• Nearly four decades of service at Karnataka Bank, starting as a clerk in 1981.
• Rose through the ranks to become the Chief Operating Officer.
• Expertise spanning various domains including Banking, Finance, and Agriculture.
• Extensive knowledge in key areas such as HR, IT & Digital Banking, Treasury & Forex Operations, Insurance, and Rural Economy.

Leadership Transition

The bank has taken swift action to ensure a smooth leadership transition:

• Mr. Bhat will resign from his current position as COO, effective at the close of business hours on July 15, 2025.
• He will assume the role of Additional Director in the capacity of Managing Director & CEO from July 16, 2025.
• The appointment has received approval from the Reserve Bank of India.

Management's Perspective

Mr. P Pradeep Kumar, Chairman of Karnataka Bank, expressed confidence in the new appointment, stating, "We are happy to welcome back Mr. Raghavendra S Bhat to Karnataka Bank. His wealth of experience and expertise will be invaluable in driving our continued growth and success. We look forward to working with him in delivering value to our customers and shareholders."

Mr. Raghavendra S Bhat, on his appointment, said, "I am proud to join Karnataka Bank as Managing Director & CEO. With over a century of trust and goodwill built by the Bank, I look forward to working with all the stakeholders to further build and grow on that strong foundation."

The bank's board and stakeholders are optimistic that Mr. Bhat's extensive experience and leadership will guide Karnataka Bank towards continued growth and success during this transitional period. As the search for a permanent MD & CEO continues, the bank remains committed to maintaining stability and pursuing its strategic objectives under Mr. Bhat's interim leadership.