Karnataka Bank MD Srikrishnan Sarma and ED Sekhar Rao Step Down Both cited the personal and relocation reasons.
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The Board of Directors of Karnataka Bank has accepted the resignation of its Managing Director and CEO, Srikrishnan Hari Hara Sarma. His resignation, due to personal reasons and a decision to relocate to Mumbai, will be effective from July 15, 2025.
The Bank's Executive Director, Sekhar Rao, has also stepped down citing personal reasons, including the inability to relocate to Mangaluru. His resignation will take effect from July 31, 2025.
In response, the Bank has set up a Search Committee to identify suitable candidates for both leadership roles. An experienced senior banker has been appointed as Chief Operating Officer (COO), who will take charge on July 2, 2025. Other interim arrangements are being made, pending regulatory approval.
Addressing concerns raised in the Auditor's Report for FY25, the Bank confirmed that the issues noted in the "Emphasis of Matter" section have been discussed and amicably resolved.
Karnataka Bank has assured stakeholders that it remains financially sound and well capitalised. The leadership transition will not impact its ongoing transformation efforts, and the Bank remains committed to ensuring operational stability and long-term growth.
