Sekhar Rao appointed as interim MD and CEO of Karnataka Bank

Sekhar Rao appointed as interim MD and CEO of Karnataka Bank: The Reserve Bank of India (RBI) has approved the nomination of Sekhar Rao, the bank’s executive director, as interim managing director and chief executive officer, according to Karnataka Bank, a private lender based in Mangaluru. 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 required since the term of Mahabaleshwara M S, the bank’s managing director and chief executive officer, expires on April 14, 2023.

April 2023 Current Affairs Quiz

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. According to preliminary estimates, the bank’s business turnover was Rs 1,48,694 crore, with a 7.63% growth rate. This figure is comprised of deposits amounting to Rs 87,362 crore and advances amounting to Rs 61,326 crore.

Important takeaways for all competitive exams:

    Karnataka Bank Founded: 18 February 1924;

    Karnataka Bank CEO: Mahabaleshwara M. S (15 Apr 2017–);

    Karnataka Bank Headquarters: Mangaluru