Mangaluru-based private lender Karnataka Bank on Wednesday said the Reserve Bank of India (RBI) has approved the appointment of Sekhar Rao, executive director of the bank as interim managing director and chief executive officer.

Share Market Live

NSE

The appointment is for a period of three months with effect from April 15, 2023, or till the appointment of a regular managing director and chief executive officer, whichever is earlier, the bank said in an exchange filing.

The appointment is in view of the completion of the term of office of Mahabaleshwara M S, managing director and chief executive officer of the bank on April 14, 2023, it said.

Also Read: Warren Buffett says his company has invested more money in Japan than most countries

The bank plans to achieve a growth of 17.69 percent in its centenary year of 2023-24 to take its total business turnover to Rs 1,75,000 crore.

As per the provisional numbers, the business turnover of the bank stood at Rs 1,48,694 crore with a growth rate of 7.63 percent, comprising deposits of Rs 87,362 crore and advances of Rs 61,326.00 crore.