Sekhar Rao appointed as interim MD and CEO of Karnataka Bank: Karnataka Bank, a private lender based in Mangaluru, said that 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. 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
The bank has set a target of 17.69% growth in the fiscal year 2023-24, which corresponds with its centenary year, in order to achieve a total commercial turnover of Rs 1,75,000 crore. As per the bank’s provisional figures, its business turnover was Rs 1,48,694 crore with a growth rate of 7.63%. 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