The Hindu Business Line : Jayarama Bhat to be MD of Karnataka Bank

They say it is all about chemistry and numbers at the top. For Karnataka Bank Ltd that may literally be true, as the bank is all set to get postgraduates in mathematics and chemistry as its non-executive Chairman and Managing Director, respectively.

The Reserve Bank of India has conveyed its approval for appointment of Mr P. Jayarama Bhat, currently Chief General Manager, as Managing Director for three years. Consequent upon the splitting of the post of Chairman and Chief Executive Officer, Mr Ananthakrishna will be the non-executive Chairman of the bank for three years.

Speaking to Business Line, Mr Ananthakrishna, Chairman and Chief Executive Officer, said: "We have a good succession plan in place. Based on that, we have taken Mr Bhat for this post." The effective date of the splitting has to be decided by the board and a meeting may be scheduled by the month-end, he said.

Mr Ananthakrishna is an MSc in Mathematics and Mr Bhat is an MSc in Chemistry from Mysore University.

The 57-year-old Mr Bhat joined the bank in 1973 as a probationary officer.

He was elevated to the rank of CGM in 2005. After three-and-half years as CGM, now the RBI has given its approval for his appointment as Managing Director of the bank in the place of Mr Ananthakrishna, whose term expires on July 12.

Splitting it

Karnataka Bank had, on December 22, informed the stock exchange that it had decided to split the post of Chairman and CEO, in response to the recommendations of the Dr Ganguly Committee on separating the two functions in private sector banks.

The board had then approved the name of Mr Ananthakrishna as the non-executive Chairman of the bank.

More Stories on : People | Private Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Rupee ends flat

Central Bank ties up with Ashok Leyland

Canara HSBC Life to infuse Rs 200 cr more

Bajaj Allianz launches new plan

Central banks grope for ‘exit strategy’

States prefer bank deposits over T-Bills to park funds

Syndicate Bank may delist from BgSE

IFC facility for Bank of Bhutan

Axis Bank to raise Rs 2,000 cr

‘Public sector banks should lend to small entrepreneurs’

Call rate steady

Federal Bank, Catholic Syrian merger likely in a month

Depositors to become shareholders of Saraswat bank

Jayarama Bhat to be MD of Karnataka Bank