Media Release

Mangaluru, Jun 29: The Board of Directors of Karnataka Bank has accepted the resignation of the bank’s managing director & CEO; Srikrishnan Hari Hara Sarma earlier today. The resignation will be effective from July 15, 2025. Sarma has cited personal reasons, including his decision to relocate back to Mumbai, for his resignation.

The bank’s executive director, Sekhar Rao has also submitted his resignation citing inability to relocate to Mangaluru and other personal reasons. The resignation has been accepted by the Board and will be effective from July 31, 2025.

The Bank has formed a search committee to identify suitable candidates for the position of a new managing director & CEO as well as a new executive director. The bank has appointed an experienced senior banker as the chief operating officer (COO) who will assume charge on July 02, 2025. Additionally, substitute arrangements are also being made subject to the regulator’s approval.

Managing Director & CEO Srikrishnan Sarma

Executive Director Sekhar Rao

On the notes to accounts contained in the audited financial statements for the FY25 leading to emphasis of matter in the auditor’s report, the bank states that it has been discussed and amicably resolved.

The bank continues to take necessary steps to ensure operational stability and assures various stakeholders that it is well capitalised and continues to be sound as hitherto. The transformational journey embarked upon by the Bank will continue unhindered.